The proposed resolution seeks to amend the New Jersey Constitution to significantly increase the property tax deduction for veterans from the current amount of $250 to $2,500 over a four-year period. This amendment would benefit any citizen and resident of New Jersey who has been honorably discharged from active military service, allowing them to receive an annual deduction on their real and personal property tax bills. The increase would be phased in, with the deduction rising to $1,000 in tax year 2025, $1,500 in 2026, $2,000 in 2027, and finally reaching $2,500 in 2028 and subsequent years. Additionally, the surviving spouses of qualified veterans would also be entitled to this deduction.

If the amendment is approved by voters, it would mark the first increase in the veterans' property tax deduction since 2003, when it was set at $250 following a previous increase approved in 1999. The resolution outlines the process for submitting the proposed amendment to the public for a vote during the next general election, ensuring that it is widely publicized in advance. The amendment aims to provide greater financial relief to veterans and their families, recognizing their service and sacrifice.