The resolution proposes a constitutional amendment to exempt the total market value of real property from ad valorem taxation if the property owner has prepaid their estimated future tax liability. This exemption would be facilitated through a new prepaid property tax trust fund, which would be managed by the comptroller of public accounts. The fund would consist of the prepaid taxes and would provide annual distributions to political subdivisions that are affected by the exemption. The comptroller would determine the distribution amounts based on a policy designed to ensure equitable reimbursements to eligible subdivisions.

Additionally, the resolution allows the legislature to establish general laws that define the criteria for the exemption, including the possibility of requiring further prepayments for improvements made after the initial tax prepayment. The proposed amendment will be presented to voters in an election scheduled for November 4, 2025, allowing them to decide on the implementation of this tax exemption and the establishment of the trust fund.