The proposed joint resolution seeks to amend the Wyoming Constitution to establish residential real property as a distinct class for property tax assessments. This amendment would modify Article 15, Section 11 by changing the number of property classes from three to four, adding residential real property as a new category. It also allows for the valuation of residential real property to be set at less than full value, as determined by the legislature, and introduces the possibility of implementing a maximum annual valuation increase for this property class.

Additionally, the amendment empowers the legislature to create subclasses of residential real property specifically for primary homeowners and to authorize tax exemptions applicable to these homeowners or other subclasses. The resolution emphasizes that all taxation must remain equal and uniform within each property class and subclass, ensuring just valuation for taxation purposes. If ratified by a majority of voters in the next general election, these changes would become part of the state constitution.