The THEORETICAL answer is NO CHANGE.
The TRUTH or REALITY is that the water level (at the shore) will go UP and DOWN repeatedly until the waves subside, then it will stabilize at the SAME level.
This is a two part poser.
While in he boat; the weight will displace a volume of water equal to it’s weight.
When tossed overboard, it will displace a volume of water equal to it’s volume.
So, when the weight is removed from boat, the boat will rise in the water, and the water level will go down.
When the weight then enters the water, it will go up; but not enough to return to original level when weight was in boat.
Thus, the water goes down.
(We really don’t need a weight. Just consider that the boat sank; instead.)