The proposed resolution seeks to amend the New Jersey Constitution by adding a new paragraph to Article VIII, Section I, which would authorize the Legislature to create a temporary property tax exemption for homeowners. This exemption would apply to the increase in assessed value of a homeowner's principal residence resulting from taxable improvements made to the property. The maximum exemption amount would be capped at $100,000, and it would be available for a period not exceeding three consecutive tax years.

If the amendment is approved by the voters, it would require the Legislature to enact the corresponding statute to implement this exemption. The proposed amendment will be presented to the public during the next general election, following the necessary publication and notification procedures. Voters will have the opportunity to express their support or opposition to the amendment through a ballot question.