The proposed resolution seeks to amend the New Jersey State Constitution to increase the annual property tax deduction for veterans from the current amount of $250 to $500 by the year 2027. The amendment outlines a gradual increase in the deduction, 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 specifies that continuing care retirement communities can receive a property tax deduction on behalf of eligible veterans, calculated based on the number of veterans residing there. The communities are required to provide the deduction amount to the residents within 30 days of receiving the property tax bill. The proposed amendment will be submitted to the voters for approval in the next general election, following the necessary publication and procedural requirements. This amendment marks the first increase in the veterans' property tax deduction since 1999.