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

This bill modifies New Jersey's property tax levy cap calculation to allow local governments to exclude certain flood insurance cost increases from their tax cap calculations. It directly affects municipalities and counties subject to the state's property tax levy cap rules when federal flood insurance maps change. For the first year after federal map changes, local governments with existing flood insurance can exclude premium increases over 2% of the prior year's cost, while those without insurance can exclude the full new cost. For years 2-4 following map changes, any premium increase over 2% can be excluded regardless of prior coverage. The exclusion expires after four years.