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. This increase would be phased in, with the deduction rising to $1,000 in tax year 2025, $1,500 in 2026, $2,000 in 2027, and finally reaching $2,500 in 2028 and subsequent years. The amendment is designed to benefit any citizen and resident of New Jersey who has been honorably discharged from active military service, as well as their surviving spouses, who would continue to receive the deduction after the veteran's death.

If the resolution is approved by voters, it would mark the first increase in the veterans' property tax deduction since 1999, when it was raised from $50 to $250. The amendment also includes provisions for veterans residing in continuing care retirement communities, ensuring they receive the deduction based on their share of property taxes. The resolution outlines the process for submitting the proposed amendment to the public for a vote in the next general election, ensuring transparency and public engagement in the decision-making process.