When superstorm Sandy hit Toms River, N.J., in 2012, the damage went beyond homes and businesses. The resulting drop in property values—about $2 billion all told—also blew a huge hole in the budget of the coastal New Jersey township. That left Toms River Mayor Thomas Kelaher with a choice likely to face many local officials in Texas and Florida after hurricanes walloped both states: raise taxes on storm-ravaged homeowners or cut...

Source: Wall Street Journal September 11, 2017 11:00 UTC