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 resulting from taxable improvements made to a homeowner's principal residence. The maximum exemption allowed would be $100,000, and it would be available for a period of up to three consecutive tax years.

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