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 its acquisition value, rather than the traditional fair market value. The amendment specifically modifies Article 15, Sections 1, 10, and 11, introducing new provisions that exempt residential real property valued using acquisition value from being assessed separately and from the general equalization duties of the state board of equalization.

Key changes include the insertion of language that clarifies that residential real property may be valued for taxation using acquisition value as prescribed by law, and that such properties will not be required to be assessed separately. Additionally, the amendment creates a new subsection (e) in Section 11, which explicitly states that residential real property can be valued using acquisition value, thereby altering the existing uniformity requirements for property assessment. If ratified by a majority of voters in the next general election, these changes would become part of the state constitution.