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 apply to any citizen and resident of New Jersey who has been honorably discharged from active military service. Additionally, it includes provisions for surviving spouses of veterans, allowing them to receive the same tax deduction during their widowhood or widowerhood. The resolution also outlines how continuing care retirement communities can administer the veterans' property tax deduction on behalf of eligible residents.

If the amendment is approved, it will be presented to voters in the next general election, following a three-month notice period. 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 resolution emphasizes the importance of supporting veterans and their families by providing a more substantial financial benefit through property tax deductions.