The proposed resolution seeks to amend the New Jersey Constitution to allow for property assessment reductions for homeowners who construct or reconstruct their properties to create living quarters for senior relatives, specifically those who are 62 years of age or older. The amendment stipulates that tax assessors must reduce the assessed value of a homestead property by the amount of any increase in value resulting from such construction, or by a maximum of 20% of the total assessed value of the improved property, whichever is lesser. This reduction would apply to improvements completed in or after the first full tax year following voter approval and would remain in effect until the last qualifying relative either passes away or relocates.

The resolution outlines the process for submitting this proposed amendment to the voters at the next general election, ensuring that it is published in local newspapers at least three months prior to the election. The ballot will include a clear question for voters to indicate their support or opposition to the amendment. If approved, this change aims to provide financial relief to homeowners who accommodate senior family members, thereby promoting family support and care for the elderly.