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 the deceased spouse was receiving the exemption at the time of their death, the surviving spouse was at least 55 years old, and the property remains their residence homestead.

The amendment includes provisions to ensure that political subdivisions can continue to levy and collect taxes on exempted properties if those taxes were previously pledged for debt repayment. The Texas Legislature is tasked with creating formulas to mitigate revenue loss for school districts due to this exemption. The proposed amendment will take effect on January 1, 2027, and will be presented to voters in an election scheduled for May 2, 2026.