The resolution proposes an amendment to the Washington State Constitution that would modify the limitations on property tax levies and municipal indebtedness. Specifically, it seeks to amend Article VII, section 2, to establish that the total tax levies on real and personal property by the state and its taxing districts cannot exceed one percent of the property's true and fair value in any given year. The amendment allows for exceptions where additional levies can be approved by a three-fifths majority of voters in the taxing district, particularly for funding common schools, fire protection, and capital projects. It also stipulates that school districts can authorize bond issues with a simple majority, regardless of voter turnout.

Additionally, the resolution aims to amend Article VIII, section 6, to set limits on municipal indebtedness, requiring a three-fifths voter approval for any debt exceeding one and a half percent of taxable property, with a cap of five percent on total indebtedness. The proposed changes are framed as a single amendment, and if deemed separate, the resolution would be void. The Secretary of State is tasked with ensuring that the amendment is published in legal newspapers prior to the election, allowing voters to decide on its approval or rejection during the next general election.