S.J.R. No. 2 proposes a constitutional amendment to increase the exemption amount for residence homesteads from ad valorem taxation by school districts from $100,000 to $140,000. This amendment aims to provide financial relief to homeowners by reducing the taxable value of their properties for public school funding purposes. Additionally, it allows for an extra exemption of up to $10,000 for disabled individuals and those aged 65 and older, with provisions for the legislature to determine eligibility based on economic need. The amendment also includes stipulations for school districts to continue levying taxes on exempted homesteads if necessary to meet debt obligations.

The proposed amendment is set to take effect for the tax year beginning January 1, 2025, and will be presented to voters in an election scheduled for November 4, 2025. The temporary provision associated with this amendment will expire on January 1, 2027. The resolution has received unanimous support in both the Senate and the House, indicating strong legislative backing for the proposed changes to the tax exemption policy.