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 2026.

In addition to the increase in the homestead exemption, the resolution outlines various provisions related to property tax assessment and reappraisal, ensuring that property is assessed uniformly and fairly. It also grants the Legislature the authority to establish laws for periodic statewide reappraisals and to provide property tax relief for tenants. The resolution emphasizes that the proposed changes will take precedence over any conflicting provisions in the Constitution, and it is designated as "Amendment No. 1" with the title "Homestead Exemption Increase Amendment."