The resolution proposes a constitutional amendment to exempt all tangible personal property from ad valorem taxation in Texas, effective January 1, 2026. It amends Section 1 of Article VIII of the Texas Constitution to state that all tangible personal property will be exempt from such taxation, with the exception of properties that have an existing tax pledged for debt repayment before the specified date. In such cases, tax authorities may continue to levy and collect the tax at the same rate until the debt is discharged, ensuring that the obligations of any related contracts are not impaired.

Additionally, the resolution includes provisions for the assessment of real property owned by railroad companies and repeals several existing sections of Article VIII that are no longer applicable. 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.