The proposed joint resolution seeks to amend the Wyoming Constitution, specifically Article 15, Section 11, to establish residential real property as a distinct class for taxation purposes. This amendment would change the current classification system from three to four classes, adding residential real property as a new category alongside gross production of minerals, industrial property, and all other property. Additionally, it allows the legislature to create subclasses within residential real property, including a subclass for owner-occupied primary residences, to ensure fair valuation.

The resolution emphasizes that all taxation must remain equal and uniform within each class and subclass of property. It also stipulates that the legislature will set the percentage of value assessed for each class, while maintaining that agricultural and grazing lands will be valued based on their productivity. The proposed changes aim to enhance the fairness and accuracy of property tax assessments in Wyoming by providing more tailored classifications for residential properties.