The resolution proposes an amendment to Article VII, section 2 of the Washington State Constitution, which would establish a limit on the aggregate tax levies on real and personal property by the state and all taxing districts to one percent of the true and fair value of such property. This amendment allows for exceptions, including levies for ports and public utility districts, and provides a mechanism for taxing districts to exceed this limit with the approval of at least three-fifths of the voters. The resolution outlines specific conditions under which additional taxes can be levied, including provisions for supporting fire protection districts and capital projects through general obligation bonds.

Furthermore, the resolution mandates that the Secretary of State submit this proposed amendment to the qualified voters of Washington during the next general election for their approval or rejection. It also requires that notice of the proposed constitutional amendment be published in legal newspapers across the state at least four times in the four weeks leading up to the election.