The resolution proposes an amendment to Article VII of the Washington State Constitution, which will be presented to voters in the next general election. This amendment allows the legislature to establish a homestead property tax exemption for individuals occupying their property as a principal residence. The exemption can reduce the assessed valuation of qualifying properties by up to $250,000 for state tax purposes, with provisions to ensure that this exemption does not shift the tax burden to higher-valued properties or nonexempt properties.

Additionally, the legislature is granted the authority to implement annual increases to the maximum exemption amount and to impose other limitations and conditions as deemed appropriate. To ensure public awareness, the resolution mandates that the secretary of state publish notice of this proposed constitutional amendment in legal newspapers across the state at least four times in the month leading up to the election.