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NJ A5373
Bill
Status
2/27/2025
Primary Sponsor
David Bailey
Click for details
AI Summary
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Distressed municipalities (those with a municipal revitalization index distress score of 50 or greater) may acquire vacant, abandoned, or tax-delinquent properties by paying fair market value or exercising eminent domain powers
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Municipalities may deduct unpaid taxes and municipal liens from the compensation owed to property owners when acquiring such properties
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Properties are considered "abandoned" or "vacant" if at least four specified conditions exist, including overgrown vegetation, disconnected utilities, accumulated debris, boarded windows, or violations of building codes
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If a municipality cannot locate the property owner after diligent efforts, compensation must be held in trust for one year before being treated as unclaimed property under state law
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Properties undergoing active construction, occupied seasonally, or subject to probate or ownership disputes are excluded from the abandonment definition
Legislative Description
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.
2nd Reading in the Assembly
Last Action
Reported out of Assembly Comm. with Amendments, 2nd Reading
6/19/2025