The proposed joint resolution seeks to amend the Wyoming Constitution to establish separate property classes for taxation purposes, specifically for residential real property, commercial property, agricultural property, and personal property. The amendment will change the current classification from three to six distinct classes, which include industrial property, residential real property, commercial property, agricultural and grazing lands, and personal property. Additionally, it allows the legislature to assess residential real property at less than full value, implementing a maximum permissible increase in annual valuations, and creates the possibility for subclasses of residential real property based on occupancy status.

Furthermore, the resolution revokes a previous constitutional joint resolution that was not submitted to voters. It emphasizes that all taxation must be equal and uniform within each property class and subclass, and mandates the legislature to establish regulations ensuring just property valuations. The amendment aims to provide clarity and fairness in property tax assessments while allowing for flexibility in how residential real property is valued for taxation.