The proposed resolution seeks to amend the New Jersey Constitution to significantly increase the property tax deduction for veterans from the current amount of $250 to $2,500 over a four-year period. The amendment outlines a gradual increase in the deduction, with the amount rising to $1,000 in tax year 2024, $1,500 in 2025, $2,000 in 2026, and finally reaching $2,500 in 2027 and subsequent years. This deduction is available to any citizen and resident of New Jersey who has been honorably discharged from active military service, as well as to the surviving spouses of such veterans.

Additionally, the resolution stipulates that continuing care retirement communities will also be eligible for the veterans' property tax deduction on behalf of qualifying veterans. The amendment ensures that the deduction or cancellation of taxes cannot be altered or repealed, and it mandates that the proposed changes be presented to voters in the next general election following the final agreement on the amendment. The last increase in the veterans' property tax deduction was approved by voters in 1999, and the amount has remained at $250 since 2003.