Adds to property tax levy cap exclusions increases in flood insurance premiums.

This bill modifies New Jersey’s property tax levy cap rules to provide temporary exclusions for increased flood insurance premiums. Specifically, it expands the list of allowable exclusions to include increases in flood insurance costs, particularly those resulting from changes to federal flood insurance maps. The amount of the exclusion depends on whether the local unit had flood insurance coverage in the previous year and the timeframe since the map changes. The bill aims to alleviate the financial burden on local governments due to rising flood insurance costs.