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

This bill creates a 5-year property tax exemption for homeowners in New Jersey who elevate their homes after natural disasters. It directly affects residents in areas declared disaster zones by the Governor or President, specifically for value increases tied to elevation work (like raising homes above flood level) to prevent future damage. The exemption prevents these specific value increases from raising annual property taxes during the 5-year period, though other property value changes remain taxable. This applies only to elevation-related improvements, not other home repairs or upgrades.