The proposed joint resolution seeks to amend the Wyoming Constitution, specifically Article 15, Section 11(b), to allow for a new method of valuing residential real property for property tax assessments. The amendment stipulates that while all taxable property should be valued at its full value as defined by the legislature, residential real property may be valued at less than full value. This valuation will be determined by the legislature through the implementation of a maximum annual valuation increase.

Additionally, the amendment maintains that agricultural and grazing lands will continue to be valued based on their capability to produce agricultural products under normal conditions. The resolution emphasizes the need for uniformity in property assessments while providing flexibility for residential properties, thereby allowing the legislature to manage property tax assessments more effectively. If ratified by a majority of voters in the next general election, this amendment would become part of the state constitution.