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 framework for taxing districts to exceed this limit under specific conditions. These conditions include obtaining approval from at least three-fifths of voters in the taxing district, with stipulations on the timing and frequency of such votes.

Additionally, the resolution outlines provisions for taxing districts to levy additional taxes for specific purposes, such as supporting fire protection districts or funding the construction and modernization of fire facilities, with limits on the duration of these levies. It also allows for the issuance of general obligation bonds for capital purposes, provided that the necessary voter approval is obtained. The resolution mandates that the Secretary of State publish notice of this proposed constitutional amendment in legal newspapers prior to the election, ensuring that voters are informed about the changes being considered.