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.

Furthermore, the resolution specifies that continuing care retirement communities will be eligible to receive the veterans' property tax deduction on behalf of eligible veterans residing there. The amount of the deduction will be based on the number of eligible veterans and will be credited to the residents within 30 days of receiving the property tax bill. The proposed amendment will be submitted to voters in the next general election, and if approved, it will be published in local newspapers prior to the election. This amendment marks the first increase in the veterans' property tax deduction since 1999.