The proposed joint resolution, S. 815, seeks to amend Sections 1 and 2 of Article X of the South Carolina Constitution, which pertains to property tax regulations. The amendments would grant the General Assembly the authority to determine the classifications and assessment ratios for various types of property. Specifically, Section 1 would be revised to allow the General Assembly to establish classifications for ad valorem taxation, ensuring that the assessment of all property is equal and uniform. Additionally, Section 2 would be amended to empower the General Assembly to define property classes and values for tax purposes, as well as to implement administrative procedures for property owners to qualify for specific classifications.

The resolution also includes provisions for a gradual transition to any new assessment ratios over a period not exceeding seven years and stipulates that any changes to the ratios must receive approval from at least two-thirds of the members in each house of the General Assembly. To enact these changes, the proposed amendment will be presented to qualified voters in the next general election, allowing them to decide whether to approve the modifications to the property tax framework.