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 exemption for property taxes on real property that serves as a principal residence for owners. The exemption will be uniform in dollar amount across all qualifying properties and will not shift the tax burden, ensuring that the overall state tax levy is adjusted to maintain existing tax rates.

Additionally, the amendment permits the legislature to create a renter's credit for eligible tenants, which would provide a refund based on a portion of the rent paid for their primary residence. The maximum amount of this renter's credit would be capped at the same level as the homestead exemption. The legislature retains the authority to impose further restrictions and conditions on both the homestead exemption and renter's credit. The resolution also mandates that the secretary of state publish notice of this proposed constitutional amendment in legal newspapers prior to the election.