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

This bill (S 89) provides a temporary property tax exemption for homeowners in New Jersey who elevate their homes after natural disasters. It applies specifically to the increased value from adding space under a home through elevation work (like raising a house to prevent flood damage), exempting that value from taxes for five years. Homeowners in areas declared disaster-affected by the Governor or President qualify, but only for the value directly tied to the elevation, not other improvements. The exemption aims to reduce financial barriers for rebuilding safely after events like floods or storms.