The resolution proposes a constitutional amendment to exempt all tangible personal property from ad valorem taxation in Texas. It amends Section 1 of Article VIII of the Texas Constitution, stating that while all real property is subject to taxation unless exempted, tangible personal property will be exempt from such taxes, effective January 1, 2026. However, there is a provision allowing tax authorities to continue levying taxes on tangible personal property if those taxes were pledged for debt repayment before January 1, 2026, until the debt is discharged.

Additionally, the resolution includes amendments to Section 8 of Article VIII regarding the assessment of real property owned by railroad companies and repeals several existing provisions related to property taxation. The proposed amendment will be submitted to voters for approval in an election scheduled for November 4, 2025, allowing them to vote on whether to exempt all tangible personal property from ad valorem taxation.