This joint resolution proposes an amendment to the Wyoming Constitution that would create a separate property class for residential real property for taxation purposes. It seeks to amend Article 15, Section 11 by changing the number of property classes from three to four, adding residential real property as a distinct category. The amendment allows the legislature to assess residential real property at less than full value for taxation, establishing a maximum permissible increase in annual valuation changes. Additionally, it permits the creation of subclasses within residential real property, specifically for owner-occupied primary residences and other subclasses deemed necessary for fair valuation.

The resolution also emphasizes that all taxation must remain equal and uniform within each class and subclass of property. It repeals a previous Senate Joint Resolution No. 3, ensuring that the new proposal is the only one submitted for voter approval in the upcoming general election. If ratified by a majority of electors, this amendment would significantly alter how residential properties are assessed and taxed in Wyoming, aiming for a more equitable taxation system.