The proposed resolution seeks to amend the New Jersey Constitution to increase the annual income limit for senior and disabled citizens eligible for a property tax deduction. Currently, the income limit is set at $10,000, a figure that has remained unchanged since 1983. The amendment would raise this limit to $15,000 starting in 2023, allowing more seniors aged 65 and older, as well as permanently disabled individuals, to qualify for the property tax deduction. This change aims to provide financial relief to these groups, who may be facing increased living costs.

If the amendment is approved, it will be presented to voters in the next general election, following the required publication and notification procedures. The resolution also stipulates that surviving spouses of eligible citizens can continue to receive the deduction under certain conditions, even if they are under the age of 65. The state will reimburse local taxing districts for half of the tax revenue lost due to these deductions, ensuring that municipalities are not financially burdened by the change.