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 them to exempt a larger portion of their property value 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 grants the Legislature the authority to implement general laws regarding property tax relief for tenants and to phase in any increases in property value over a specified period. The amendment is designated as "Amendment No. 1" and is referred to as the "Homestead Exemption Increase Amendment."