The resolution proposes an amendment to Article VII, section 1 of the Washington State Constitution, which addresses the power of taxation. It stipulates that taxation must be uniform across the same class of property and can only be levied for public purposes. The amendment clarifies the definition of "property" to include both tangible and intangible assets and establishes that all real estate constitutes one class. It also allows the legislature to impose taxes on mines, mineral resources, and reforestation lands, while providing exemptions for certain properties, including those owned by the federal and state governments, municipalities, and personal property up to a value of $50,000.

Additionally, the resolution mandates that the proposed amendment be presented to the qualified voters of Washington during the next general election for their approval or rejection. To ensure public awareness, the Secretary of State is required to publish notice of the amendment in legal newspapers across the state at least four times in the month leading up to the election.