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 and collecting taxes on tangible personal property if those taxes were pledged for debt repayment before the exemption takes effect, ensuring that existing financial obligations are not impaired.

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to Section 8 of Article VIII regarding the assessment of real property owned by railroad companies and repeals several outdated provisions within Article VIII.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