The resolution proposes an amendment to the West Virginia Constitution to increase the Homestead Exemption from the current $20,000 to a minimum of $25,000. This amendment, designated as "Amendment 1" and referred to as the "Homestead Exemption Increase Amendment," aims to provide for periodic increases in the exemption amount until it reaches $40,000. The proposed changes will be submitted to voters for ratification or rejection during the general election in 2026.

In addition to the increase in the exemption amount, the resolution outlines provisions for the assessment and taxation of property, including the establishment of a uniform assessment rate and the requirement for periodic statewide reappraisals. It also allows the Legislature to provide property tax relief for tenants and includes stipulations for the implementation of the amendment. The resolution emphasizes the need for equitable application of the tax provisions and ensures that any inconsistencies with existing constitutional provisions will be resolved in favor of the new amendment.