The proposed constitutional amendment would permit the legislature to establish as many as four different classes of real property for tax purposes. Property in any one class would be required to be assessed, rated and taxed proportionately but property in different classes could be assessed, rated and taxed differently. The legislature could grant reasonable exemptions. The constitution presently requires all property (other than wild lands, forest lands and certain agricultural and horticultural lands) to be assessed and rated equally at full value for tax purposes.