The proposed resolution seeks to amend the New Jersey Constitution to allow for a temporary property tax exemption for homeowners who make taxable improvements to their principal residences. Specifically, it would enable the Legislature to create a statute that grants an exemption based on the increase in assessed value resulting from these improvements, with a cap of $100,000 on the exempted value. The exemption would be limited to a maximum duration of three consecutive tax years.

If the amendment is approved by the voters in a future general election, it would require the Legislature to implement this property tax exemption. The resolution outlines the process for submitting the amendment to the electorate, including the necessary publication and ballot language to ensure voters are informed about the proposed changes.