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 acquire title to vacant, abandoned or tax‑delinquent real estate either by purchasing it at fair market value or through eminent domain. It sets a specific definition of when a property is considered abandoned or vacant and permits municipalities to deduct unpaid taxes and municipal liens from the compensation owed to owners. If an owner cannot be located, the payment is held in trust for one year before being treated as unclaimed property.

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

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