The resolution proposes a constitutional amendment to exempt certain elderly individuals and their surviving spouses from ad valorem taxation on the total market value of their residence homesteads. Specifically, individuals who are 72 years of age or older and have received a homestead exemption for at least the preceding ten years would qualify for this exemption. Additionally, the surviving spouse of a qualifying individual would also be eligible for the exemption, provided they were at least 55 years old at the time of the spouse's death and the property remains their residence homestead.

The amendment includes provisions to ensure that local governments can continue to collect taxes on exempted properties if those taxes were previously pledged for debt repayment, and it mandates that the legislature create formulas to mitigate revenue losses for school districts due to this exemption. The proposed amendment is set to take effect on January 1, 2027, and will be presented to voters in an election scheduled for May 2, 2026.