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.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill allows distressed New Jersey municipalities to take ownership of vacant, abandoned, or tax-delinquent properties by purchasing them at fair market value or using eminent domain. It defines a ‘distressed municipality’ based on a specific distress score and outlines a process for determining when a property is considered abandoned or vacant, including specific criteria and a notification process for property owners. The bill also addresses how property taxes and liens will be handled in these acquisitions and provides a mechanism for property owners to challenge the municipality’s determination.
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