The proposed resolution seeks to amend the New Jersey Constitution by adding a new paragraph to Article VIII, Section I, which would authorize the Legislature to create a temporary property tax exemption for homeowners. This exemption would apply to the increase in assessed value of a homeowner's principal residence resulting from taxable improvements made to the property. The maximum exemption amount would be capped at $100,000, and it would be available for a period not exceeding three consecutive tax years.

If the amendment is approved by the voters in a future general election, the Legislature would be required to enact the corresponding statute to implement this exemption. The resolution outlines the process for submitting the amendment to the public, including the requirement for it to be published in local newspapers and presented on official ballots, allowing voters to express their support or opposition to the proposed change.