The proposed joint resolution seeks to amend Article XI of the South Dakota Constitution to establish a flat rate for real property taxes, which will be presented to voters in the next general election. The amendment aims to ensure equitable taxation across all property types, allowing the Legislature to classify properties and determine which are subject to taxation. It stipulates that taxes must be uniform within each class and can only be levied for public purposes. Additionally, it allows for the consideration of gross earnings and net incomes in property taxation, while ensuring that property valuations do not exceed actual values.

Specifically, the amendment sets a cap on ad valorem taxes for real property, starting in 2028, where the maximum tax amount will be the lesser of the tax due in 2027 or a percentage of the most recent sales price of the property. This percentage is defined as one percent for residents of South Dakota and two percent for non-residents. For subsequent years, the maximum tax amount will either match the previous year's tax or adhere to the applicable percentage based on the most recent sales price if the property changes ownership. This resolution aims to provide clarity and predictability in property taxation for South Dakota residents.