NJ A5424

Imposes an annual fee of $30,000 per property on institutional investors (corporations, LLCs, partnerships, trusts, and their affiliates) that own residential-zoned properties left vacant or abandoned for 12 months or more

Exempts small institutional investors owning 20 or fewer subject properties, nonprofit affordable housing organizations, family trusts, family LLCs, government entities, and properties acquired through foreclosure or eminent domain

Requires all institutional investors to submit annual reports by April 15 detailing the number of subject properties, properties at risk of becoming subject properties within six months, and single-family homes owned or acquired

Establishes civil penalties of $500 for first offense and $1,000 for subsequent offenses for failing to submit required reports, with each day of non-compliance constituting a separate offense

Takes effect six months after enactment, with the Commissioner of Community Affairs authorized to adopt implementing rules and regulations in consultation with the Division of Consumer Affairs