Proposes constitutional amendment to increase veterans' property tax deduction to $1,000, and base future deductions on annual CPI increases.

This bill proposes a constitutional amendment to increase New Jersey's veterans' property tax deduction from $250 to $1,000 annually, effective for tax year 2022. It would require future annual adjustments to the deduction amount based on changes in the Consumer Price Index (CPI), with the deduction never decreasing - even if CPI falls - and rounded to the next highest dollar amount. The change would apply to honorably discharged veterans, their surviving spouses, and veterans living in continuing care retirement communities (with specific payment rules for those communities). As a constitutional amendment, it requires voter approval after passing both legislative chambers.