The proposed resolution seeks to amend the New Jersey State Constitution to impose a limit on the annual increase in the assessed value of real property for taxation purposes. Specifically, it mandates that the Legislature create laws that restrict annual assessment increases to a maximum of two percent of the property's assessed value from the previous year. The initial assessment would occur on October 1 following the amendment's approval by voters, and any property that undergoes a change of ownership or a change in use, particularly farmland, would be reassessed as of the following October 1. After such changes, the two percent limitation would apply to future assessments.

This amendment aims to provide more predictable and manageable property tax increases for property owners, thereby enhancing financial stability for residents. The resolution outlines the process for submitting the proposed amendment to voters at the next general election, ensuring that it is adequately publicized in advance. If approved, the amendment would require the Legislature to implement the necessary laws to enforce these assessment limitations effectively.