The resolution proposes an amendment to the West Virginia Constitution to increase the homestead exemption amount from the first $20,000 to the first $50,000 of assessed property value for individuals aged 65 and older or those who are permanently and totally disabled. This amendment aims to provide greater property tax relief to eligible residents by allowing a larger portion of their property value to be exempt from ad valorem property taxation. The proposed amendment will be submitted to voters for ratification or rejection during the general election in 2025.

In addition to the increase in the homestead exemption, the resolution outlines various provisions related to property tax assessment and reappraisal, ensuring that property taxes are assessed uniformly and fairly across different classes of property. It also includes stipulations for the periodic statewide reappraisal of properties and the potential for additional property tax relief for tenants. The resolution emphasizes the Legislature's authority to enact laws that will implement these changes and ensure compliance with the new provisions.