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 aims to allow these groups to receive a $250 deduction from their payments in lieu of taxes, similar to the deductions they would receive if they were paying traditional property taxes. Additionally, honorably discharged veterans who are totally disabled due to military service would be exempt from making any payments in lieu of taxes. The resolution also includes provisions for surviving spouses of veterans to receive similar deductions during their widowhood.

The amendment would modify Article VIII, Section I of the New Jersey Constitution, ensuring that eligible individuals can benefit from these tax deductions regardless of whether they are paying property taxes or payments in lieu of taxes, which are often negotiated between developers and municipalities. If the amendment is approved by the legislature, it will be presented to voters in the next general election, allowing the public to decide on the proposed changes to property tax benefits for these specific groups.