The proposed resolution seeks to amend the New Jersey Constitution to extend property tax benefits to veterans, senior citizens, and individuals with disabilities who make payments in lieu of property taxes. Specifically, it proposes that honorably discharged veterans would receive a $250 deduction from their tax bills or payments in lieu of taxes, with additional benefits for those with service-connected disabilities. The resolution also includes provisions for the surviving spouses of veterans, allowing them to receive similar deductions during their widowhood, as long as they remain residents of the state.

Furthermore, the amendment outlines that continuing care retirement communities can receive property tax deductions on behalf of eligible veterans, ensuring that these benefits are passed on to residents. The resolution emphasizes that these deductions would not be available to veterans residing in property tax-exempt communities and sets specific income limits for senior citizens and disabled individuals to qualify for the deductions. If approved by voters, this amendment would allow these groups to benefit from property tax exemptions even when making payments in lieu of taxes, which are often negotiated as part of development agreements.