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 take title to vacant, abandoned, or unpaid‑tax properties by either purchasing them at fair market value or exercising eminent domain. It also lets them deduct any unpaid taxes or liens from the payment and sets a one‑year trust hold for owners who can’t be found. The goal is to reduce blight and boost local revenues.

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

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