The proposed resolution seeks to amend the New Jersey State Constitution to increase the annual property tax deduction for veterans from the current $250 to $500 by the year 2027. The amendment outlines a gradual increase in the deduction amount, 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 provides for veterans residing in continuing care retirement communities to receive a property tax deduction based on the number of eligible veterans in the community. The deduction amount will be credited to the resident within 30 days of the community receiving the property tax bill. The proposed amendment will be submitted to voters in the next general election, and if approved, it will mark the first increase in the veterans' property tax deduction since 1999.