The resolution proposes a constitutional amendment to exempt the total market value of residence homesteads from ad valorem taxation for certain elderly individuals aged 65 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 receive the same exemption if they were at least 55 years old at the time of the deceased spouse's passing, the deceased spouse was receiving the exemption at that time, and the property remains the surviving spouse's residence homestead.

The resolution also includes provisions for political subdivisions that have previously pledged ad valorem tax for debt repayment, allowing them to continue levying taxes against the exempted properties until the debt is settled. The Texas Legislature is tasked with creating formulas to mitigate revenue loss for school districts due to this exemption. The amendment is set to take effect on January 1, 2027, and will be presented to voters in an election scheduled for May 2, 2026.