The joint resolution seeks to amend the Florida State Constitution by modifying Sections 3 and 4 of Article VII and introducing a new section in Article XII. Its primary goal is to empower the Legislature to offer two $25,000 property tax exemptions and an assessment limitation for certain residential properties under long-term leases. This initiative aims to provide financial relief to property owners, particularly those leasing their properties, and is expected to stimulate economic development. The resolution also includes provisions for tax exemptions on municipal properties, household goods, and conservation lands, while ensuring that property assessments remain fair and within specified limits.

Furthermore, the resolution specifically targets residential properties leased for six months or more, owned by individuals who already benefit from a homestead exemption. It outlines the assessment process for these properties, ensuring that any improvements are assessed according to general law and that properties losing eligibility for the assessment limitation are still valued fairly. The proposed amendments will be presented to Florida voters for approval during the next general election or an earlier special election, with an intended effective date of January 1, 2027.