Bill > A2904

Introduced 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 more than two percent more than 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 years 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 more than two percent more than 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.

Committee Categories

Gary Schaer (D)*, 

Introduced, Referred to Assembly State and Local Government Committee (on 01/09/2024)

Official Document