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.

Summary

The bill lets municipalities with a distress score of 50 or higher acquire vacant or abandoned land by paying the owner’s fair market price or by using eminent domain. It defines when a property is considered abandoned, sets exceptions, and lets towns offset unpaid taxes and liens from the payment. If an owner can’t be found, the money is held in trust for a year before being treated as unclaimed.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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