THAT, At the next general election to be held in this state the secretary of state shall submit to the qualified voters of the state for their approval and ratification, or rejection, an amendment to Article VII of the Constitution of the state of Washington by adding a new section to read as follows:

Article VII, section . . .. Notwithstanding any other provision of this Constitution, the following tax exemption is allowed as to real property:

(1) The legislature has the power, by appropriate legislation, to provide a homestead exemption from property taxes levied for state purposes on the real property occupied as a principal residence by those owners. The exempt value must be stated in a dollar amount and must be uniform across all real property occupied as a principal residence by the owner. The homestead exemption may not shift property taxes levied for state purposes. The state levy must be reduced as necessary to prevent the value exempted under the homestead exemption from resulting in a higher tax rate than would have occurred in the absence of the homestead exemption.

BE IT FURTHER RESOLVED, That the secretary of state shall cause notice of this constitutional amendment to be published at least four times during the four weeks next preceding the election in every legal newspaper in the state.