Proposing a constitutional amendment to provide for an exemption from ad valorem taxation of the total market value of real property on which the ad valorem taxes have been prepaid and to establish the prepaid property tax trust fund to provide annual distributions to political subdivisions affected by the exemption.

This constitutional amendment would allow property owners to prepay their future property taxes to receive a full exemption from annual ad valorem taxes (taxes based on property value) on their entire property. It establishes a "prepaid property tax trust fund" managed by the state comptroller, which would distribute annual payments to cities, counties, and other local governments that lose tax revenue due to the exemption. The fund would be funded by the prepayments themselves, with distributions calculated to reimburse affected local subdivisions for lost revenue. The proposal requires voter approval in the November 2025 election.