The proposed resolution seeks to amend the New Jersey Constitution to significantly increase the property tax deduction for veterans from the current $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.

Additionally, the resolution outlines provisions for veterans residing in continuing care retirement communities, ensuring they receive the property tax deduction based on their share of the community's taxes. The proposed amendment will be submitted to voters in the next general election, following the required publication and agreement process. This initiative marks the first increase in the veterans' property tax deduction since 2003, when it was last set at $250 after a previous increase approved by voters in 1999.