Semi-empirical physical relationship between global temperature and sea level is used in this paper. Equilibrium and inertial parameters are determined from the data with the aid of orthogonal regression in order to calculate response times. Assumption is made that response time of sea level to temperature forcing is caused by a combination of inertial and equilibrium response times. Corrections were applied on the sea level data for anthropogenic terrestrial water storage to estimate sea level change in response to temperature forcing. We distinguish between cases where corrections for both anthropogenic terrestrial water storage contributions (groundwater depletion and reservoir impoundment), corrections for only one of the contributions and no corrections are taken into account. The time interval of data analysis with the aid of orthogonal regression is between 1880 to 2001. In this paper, it is shown that the reservoir impoundment is dominating over the groundwater depletion. If the equilibrium and the inertial dynamics are taken into account, the response time is in the range between 36 to 43 years. These values are similar to the response times given in the paper by Orlić i Pasarić (2015). Using inertial and equilibrium coefficients and IPCC temperature projections, sea level projections are carried out up until 2100. For the moderate scenario of greenhouse gas emissions, the lowest projection of sea level rise from 2001 to 2100 is 70 cm when there are no corrections applied, 86 cm when a correction for reservoir impoundment is applied and 80 cm when both groundwater depletion and reservoir impoundment are taken into account. Cases related to three scenarios of greenhouse gas emissions are illustrated graphically.