The proposed joint resolution seeks to amend Article XI of the South Dakota Constitution regarding property taxation. It aims to establish a flat rate for property taxes, which would be reset upon the sale of the property. Specifically, for taxes payable in 2028, the maximum ad valorem taxes on real property would be determined by either the tax amount due in 2027 or a percentage of the most recent sales price, with subsequent years allowing for adjustments based on the previous year's taxes or the sales price if ownership changes.

The resolution also defines the "applicable percent" for tax calculations, which would be set at one percent for properties owned by state residents for at least half of the preceding year, and two percent for non-residents. This amendment is intended to create a more equitable taxation system by ensuring that all property is subject to uniform tax rates while providing clarity on how property taxes will be assessed and adjusted over time. The resolution will be submitted to voters for approval in the next general election.