S.1363

New Jersey S1363 allows local governments to exclude certain flood insurance premium increases from property tax levy caps for up to four years after.

New Jersey S1363 modifies the property tax levy cap to allow local governments to exclude certain increases in flood insurance premiums from the cap calculation. Specifically, local governments with flood insurance can exclude premiums that are more than two percent higher than the prior year's premiums for up to four years following changes to federal flood insurance maps. Local governments without prior flood insurance can exclude the entire initial cost of flood insurance premiums in the first year following map changes.