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 valuation for property used exclusively for residential purposes. This amendment is aimed at providing tax relief to homeowners who are 65 years of age or older, or who are permanently and totally disabled. The proposed change 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. The Legislature is granted the authority to establish laws governing the implementation of these changes, including the phasing in of property value increases over a specified period. The amendment is designated as "Amendment No. 1" and is referred to as the "Homestead Exemption Increase Amendment."