The proposed resolution seeks to amend the New Jersey Constitution to increase the annual property tax deduction for veterans from $250 to $1,250, effective in 2024. This amendment would benefit any citizen and resident of New Jersey who has been honorably discharged from active military service, allowing them to receive a deduction from their property tax bills. Additionally, the resolution includes provisions for surviving spouses of veterans, ensuring they also receive the same tax benefits during their widowhood or widowerhood. The amendment also addresses veterans residing in continuing care retirement communities, allowing them to receive the deduction based on their share of the property taxes.

If the resolution is approved, it will be submitted to the voters in the next general election, with the requirement that it be published in local newspapers at least three months prior to the election. The last increase in the veterans' property tax deduction occurred in 1999, when it was raised from $50 to $250, and the amount has remained unchanged since 2003. The proposed amendment aims to provide greater financial relief to veterans and their families by significantly increasing the deduction amount.