Proposes constitutional amendment to increase to $500 veterans' property tax deduction.

SCR 40 proposes a constitutional amendment to increase New Jersey's veterans' property tax deduction from $250 to $500 over five years, with annual increments starting in 2023 ($300 in 2023, $350 in 2024, $400 in 2025, $450 in 2026, and $500 from 2027 onward). It directly affects honorably discharged veterans, their surviving spouses (if meeting residency requirements), and veterans living in continuing care retirement communities. Key provisions include phasing in the higher deduction amount, ensuring the deduction cancels taxes if below the deduction value, and requiring retirement communities to pass the credit to eligible residents within 30 days. This amendment requires voter approval at the next general election after legislative passage.