The resolution proposes an amendment to the South Dakota Constitution that aims to limit real property taxes to a flat rate. It will be presented to voters during the next general election for approval. The amendment seeks to ensure equitable taxation across all property types by allowing the Legislature to classify properties and determine which are subject to taxation. It establishes that taxes must be uniform within each class and can only be levied for public purposes.

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. The resolution aims to provide clarity and predictability in property tax assessments while ensuring that property owners are not subjected to excessive tax increases.