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 or widowerhood.

Furthermore, the resolution allows continuing care retirement communities to receive the veterans' property tax deduction on behalf of eligible veterans, ensuring that the deduction is applied to the taxes assessed against the property occupied by the veteran. The proposed amendment will be submitted to the voters for approval in the next general election, following the necessary legislative processes. This amendment marks the first increase in the veterans' property tax deduction since 1999, when it was raised from $50 to $250.