The proposed joint resolution seeks to amend the Texas Constitution to allow the legislature to establish that the appraised value of a residence homestead for ad valorem tax purposes will be based on the market value of the property during the first tax year the owner qualifies for a homestead exemption. If the property was purchased, the purchase price will be considered the market value for that initial tax year. Additionally, the resolution aims to limit the increase in appraised value for subsequent tax years to the previous year's appraised value plus the market value of any new improvements made to the property.

If enacted, this constitutional amendment would take effect for the first tax year following the law's implementation and would remain in effect as long as the original owner or their spouse qualifies for the homestead exemption. The amendment will be presented to voters in an election scheduled for November 4, 2025, allowing them to decide whether to support the proposed changes regarding property tax assessments for homesteads.