The resolution proposes an amendment to the South Dakota Constitution that aims to limit the assessed value of real property and the corresponding real property taxes. It will be presented to voters at 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 the assessed value of real property must be based on its fair market value and can only be adjusted annually by a maximum of two percent, starting from the 2026 assessment year.

Additionally, the resolution sets a cap on ad valorem taxes for real property, stating that the total amount cannot exceed one percent of the assessed value. However, this limitation does not apply to taxes or special assessments related to voter-approved debts incurred before July 1, 2028. Overall, the amendment aims to create a more predictable and fair taxation system for property owners in South Dakota.