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 amendment would benefit any citizen and resident of New Jersey who has been honorably discharged from active military service, allowing them to receive an annual deduction on their real and personal property tax bills. The increase would be phased in, with the deduction rising to $1,000 in 2025, $1,500 in 2026, $2,000 in 2027, and finally reaching $2,500 in 2028 and beyond. Additionally, the surviving spouses of qualified veterans would also be entitled to this deduction.

The resolution outlines that the proposed amendment will be submitted to the voters at the next general election following its final agreement. It emphasizes that the last increase in the veterans' property tax deduction occurred in 1999, when it was raised from $50 to $250, and that the deduction has remained at $250 since 2003. The amendment aims to provide greater financial relief to veterans and their families, recognizing their service and sacrifice.