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. Specifically, it permits exclusions for flood insurance premium increases exceeding 2% over the prior year's cost in the first four years following changes to federal flood insurance maps. Local units with existing flood insurance can exclude excess increases in year one, while those without coverage get full initial costs excluded in year one. The exclusion applies to years two through four as well, but not beyond the fourth year after map changes. This directly affects municipalities and counties that pay flood insurance premiums impacted by federal map updates.