A1609

New Jersey A1609 excludes certain insurance costs from appropriations cap and property tax levy cap for local units.

New Jersey A1609 moves liability insurance, worker’s compensation insurance, cyber insurance, and property insurance costs outside of the budget appropriation and property tax levy caps for certain local units. This bill allows local units to raise funds from property taxpayers for these insurance costs by making them an exclusion from the property tax levy cap for the first three years after the effective date of the bill. The exclusions include increases in insurance costs that exceed 2.0% of the total costs in the prior year.