The proposed resolution seeks to amend the New Jersey State Constitution to adjust the veterans' property tax deduction based on the annual percentage increase in the Consumer Price Index (CPI). Currently, veterans who have been honorably discharged from the U.S. Armed Forces are entitled to a fixed annual deduction of $250 on their property taxes, a figure that has remained unchanged since 2003. The amendment would first increase this deduction for the tax year 2026 by accounting for the cumulative CPI increases from 2003 to 2025. Following this adjustment, the deduction would be adjusted annually in accordance with the CPI, ensuring that it reflects changes in the cost of living.

Additionally, the resolution stipulates that the deduction will not decrease in any year, even if inflation declines, and any increases will be rounded to the next highest dollar increment. The amendment also includes provisions for surviving spouses of veterans, allowing them to receive the same deductions under specified conditions. The resolution will be submitted to voters at the next general election, following a technical review and publication in local newspapers, and is contingent upon the passage of legislation that defines the CPI for the purposes of this amendment.