Permits short-term tax exemption for certain improvements to dwellings damaged by natural disasters.

This bill allows New Jersey municipalities to grant a temporary property tax exemption for homeowners who elevate their homes after natural disasters (e.g., floods) to create additional space underneath. The exemption covers the increased taxable value specifically from the new space created by elevation, excluding other improvements, for up to five years. Municipalities must adopt an ordinance declaring the area "in need of rehabilitation" due to a declared disaster, and assessors must exclude the elevation-related value from tax calculations during the exemption period. Homeowners still pay taxes on other value increases from repairs or upgrades beyond the elevated space.