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 towns and cities acquire land that is vacant, abandoned, or has unpaid taxes by either purchasing it at fair market price or using eminent domain. When they pay, they may subtract any outstanding taxes or municipal liens, and if the owner cannot be located, the payment is held in trust for one year before being treated as unclaimed property. The goal is to reduce blight and boost local revenue.

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

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