Well the water table is associated with groundwater and this doesn't impact whether property is within a floodplain or not. However, you are correct that higher water table impacts drainage and causes poor or slow absorption of rainwater into the ground. There are things you can do to improve drainage or minimize standing water, but if your property or grading is relatively flat, you're going to have standing water after significant rainfalls.The township official I spoke to yesterday said he thinks the water table is high in my neighborhood, and they are doing tests around my township to confirm this in different areas (not sure when they are getting to mine). If this is the case, regrading will make little difference to the flooding. Also, I received a letter a few weeks ago from the township, stating that my home is no longer in the 100 year floodplain. I am assuming this means that my home was in the floodplain when I purchased it six years ago. I was never told this, and am wondering shouldn't the sellers be required to tell me if the house was in a known floodplain?
As far as the letter you received from the town regarding your property no longer being in the floodplain, unless your property was in a floodplain at the time you purchased it, this information would be insignificant at this point. If you financed your home, most banking institution would require disclosure stating whether or not the property was in a floodplain. It's quite possible this information was part of your closing documents.