The resolution proposes an amendment to Article VII, section 2 of the Washington State Constitution, which would establish a limit on the total tax levies on real and personal property by the state and its taxing districts to no more than one percent of the property's true and fair value in any given year. The amendment allows for exceptions, such as levies for ports or public utility districts, and provides a framework for exceeding this limit through voter approval. Specifically, it requires a three-fifths majority of voters in a taxing district to authorize additional taxes, with stipulations on the timing and frequency of such propositions.

Additionally, the resolution outlines specific provisions for levies related to fire protection districts and the construction or modernization of fire facilities, allowing for support periods of up to four and six years, respectively. It also permits taxing districts to issue general obligation bonds for capital purposes, with similar voter approval requirements. The resolution mandates that the Secretary of State publish notice of this proposed constitutional amendment in legal newspapers across the state prior to the next general election, where it will be presented to voters for approval or rejection.