Modifies procedures for determination and payment of fair market value in distressed municipalities; concerns real property that is abandoned, vacant, or subject to unpaid taxes.*

This bill (A5373) allows New Jersey municipalities to acquire real property that is abandoned, vacant, or subject to unpaid taxes through two new methods: purchasing it at fair market value or using eminent domain (instead of relying solely on existing laws like the Abandoned Properties Rehabilitation Act). It defines "abandoned" or "vacant" as property meeting at least four specific conditions (e.g., overgrown vegetation, disconnected utilities, accumulated debris, or neighbor reports), while excluding properties under active renovation, seasonal occupancy, or in legal ownership disputes. Municipalities may deduct unpaid taxes and liens from the purchase price, and if they cannot locate an owner, they must hold funds for one year before turning them over under unclaimed property laws. The bill directly affects municipalities seeking to clear blighted properties and owners of properties deemed abandoned under the new criteria.