This joint resolution proposes an amendment to the Wyoming Constitution that would allow the legislature to establish a method for valuing residential property for taxation based on the acquisition value of the property, rather than the fair market value. The amendment includes several changes to Article 15, specifically Sections 1, 10, and 11, and introduces a new subsection (e). Key insertions include provisions stating that residential real property valued using acquisition value will not need to be assessed separately and will be exempt from certain equalization duties of the state board.

Additionally, the amendment clarifies that while all property should be uniformly valued at its full value, residential real property can be assessed based on its acquisition value as prescribed by law. This change aims to simplify the taxation process for residential properties and potentially provide a more stable valuation method. If ratified by a majority of voters in the next general election, these changes would become part of the Wyoming Constitution.