The resolution proposes a constitutional amendment to exempt from ad valorem taxation the total market value of residence homesteads for certain elderly individuals aged 72 and older, as well as their surviving spouses. To qualify for this exemption, the elderly person must have received a homestead exemption for at least the preceding ten years. Additionally, the surviving spouse can also receive this exemption if specific conditions are met, including being at least 55 years old at the time of the deceased spouse's passing and maintaining the property as their residence homestead.

The amendment includes provisions to ensure that political subdivisions can continue to levy taxes on exempted properties if those taxes were previously pledged for debt repayment, until the debt is settled. The Texas Legislature is tasked with creating formulas to mitigate revenue losses for school districts resulting from this exemption. The proposed amendment will be presented to voters in an election scheduled for May 2, 2026, and if approved, it will take effect on January 1, 2027, with a temporary provision expiring on January 1, 2028.