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  • NJ A1647
  • Adds to property tax levy cap exclusions increases in flood insurance premiums.
Introduced
(1/27/2016)
In Committee
(12/11/2017)
Crossed Over
(12/7/2017)
PassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill provides a limited exclusion from the calculation of a local unit of government's property tax levy cap for certain increases in flood insurance premiums resulting from changes to federal flood insurance maps. The amount of the cap exclusion allowed by the bill is dependent on the local unit's existing flood insurance coverage and the number of years that have elapsed since changes to federal flood insurance maps were made. The bill provides that in the first year following a change to the federal flood insurance maps, a local unit of government that has flood insurance is permitted to exclude from that unit's property tax levy cap the amount of any increase in flood insurance premiums that are in excess of two percent over the amount of the prior year's flood insurance premiums. The bill provides that a local unit of government that does not have flood insurance is permitted to exclude from that unit's property tax levy cap the entire initial cost for flood insurance premiums that are incurred in the first year following a change to the federal maps. The bill provides that in the second, third, and fourth year following a change to the federal flood insurance maps, a local unit of government that either did or did not have flood insurance in the year prior to the change in the flood maps, is permitted to exclude from that unit's property tax levy cap flood insurance premiums that are in excess of two percent over the amount of the prior year's flood insurance premiums. The exclusion provided by the bill will not apply in the fifth and subsequent years following a change to the federal flood insurance maps. The bill takes effect immediately upon enactment.
2nd Reading in the Assembly, Budget and Appropriations, Passed Assembly
Received in the Senate, Referred to Senate Budget and Appropriations Committee  (on 12/11/2017)
 
 
Date Chamber Action Description
12/11/2017 S Received in the Senate, Referred to Senate Budget and Appropriations Committee
12/7/2017 A Passed by the Assembly (59-12-2)
10/27/2016 A Reported out of Assembly Committee, 2nd Reading
10/27/2016 Assembly Appropriations Hearing (13:00 10/27/2016 Committee Room 11, 4th Floor)
6/6/2016 A Reported and Referred to Assembly Appropriations Committee
6/6/2016 Assembly State and Local Government Hearing (14:00 6/6/2016 Committee Room 13, 4th Floor)
1/27/2016 A Introduced, Referred to Assembly State and Local Government Committee
Date Motion Yea Nay Other
Detail 12/7/2017 Assembly Floor: Third Reading - Final Passage 58 12 9
Detail 10/27/2016 Assembly Appropriations Committee: Reported Favorably 8 2 1
Detail 6/6/2016 Assembly State and Local Government Committee: Reported Favorably 3 2 0