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

This bill (S 1363) modifies New Jersey's property tax levy cap rules to allow local governments (towns, counties, etc.) to exclude certain flood insurance cost increases from their tax cap calculations. It specifically permits local units to exclude flood insurance premium increases exceeding 2% over prior year costs in the first year after federal flood map changes, or the full initial cost if they lacked flood insurance before the change. For years 2-4 following map changes, the exclusion applies to premiums exceeding 2% regardless of prior coverage. The exclusion expires after four years and does not apply to other tax-related costs.