This joint resolution proposes an amendment to the Wyoming Constitution regarding the valuation of property for tax purposes, specifically addressing the "all other property" class, which includes both real and personal property. The amendment stipulates that effective January 1, 2025, the base value for taxing this property class will be determined as the fair market value on January 1, 2019, or the date of the most recent acquisition, whichever is later. This base value will remain unchanged until a substantial improvement is made to the property or ownership is transferred to a new person. Additionally, the legislature will have the authority to adjust the base value for inflation.

The resolution also includes a repeal of Senate Joint Resolution No. 3, which was previously approved by the legislature and signed by the governor. The proposed amendment aims to clarify the assessment process for property taxes and ensure uniformity in how property is valued across different classes, while specifically excluding agricultural and grazing lands from these new valuation rules.