Resolution 1053 proposes an amendment to the Oklahoma Constitution by adding a new Section 9E to Article X, which aims to establish a revenue neutral ad valorem tax rate for local taxing subdivisions. This resolution defines key terms, such as "taxing subdivision" and "revenue neutral rate," and outlines the procedures that must be followed if a taxing subdivision wishes to levy a tax rate exceeding the revenue neutral rate. The county clerk is tasked with calculating the revenue neutral rate annually and providing necessary notices to taxpayers regarding any proposed tax increases, including details about the current and proposed tax rates, public hearing dates, and opportunities for public comment.

The resolution mandates that any governing body seeking to exceed the revenue neutral rate must conduct a public hearing and obtain a majority vote to approve the increase. If the governing body fails to comply with the outlined procedures, it is required to refund any over-collected property taxes to taxpayers. Additionally, the provisions do not apply to taxing subdivisions that receive $5,000 or less in property tax revenue. The resolution includes a ballot title for voters to approve or reject the proposed amendment, emphasizing the need for transparency and accountability in local tax rate decisions.