The proposed resolution seeks to amend the New Jersey State Constitution to increase the annual property tax deduction for veterans from the current amount of $250 to $500 by the year 2027. The amendment outlines a gradual increase in the deduction, starting with $300 in 2023, and increasing by $50 each subsequent year until it reaches $500 in 2027. Additionally, it stipulates that if a veteran's tax bill is less than the deduction amount, the tax bill will be canceled. The resolution also includes provisions for surviving spouses of veterans, allowing them to receive the same deductions during their widowhood, and specifies that continuing care retirement communities can provide these deductions on behalf of eligible veterans.

Once the amendment is finalized, it will be presented to the public for a vote in the next general election occurring more than three months after its agreement. The amendment aims to provide financial relief to veterans and their families, acknowledging their service and sacrifice. The last increase in the veterans' property tax deduction occurred in 1999, making this proposed change a significant update to support veterans in New Jersey.