NJ A3506

Imposes a $30,000 annual fee per property on institutional investors that own vacant or abandoned residential properties in New Jersey, calculated based on the number of such properties held as of December 31st each year.

Defines "institutional investor" as partnerships, corporations, LLCs, trusts, and their affiliates or beneficial owners, but exempts family trusts, family LLCs, and nonprofits developing affordable housing.

Exempts small institutional investors owning 20 or fewer parcels, properties acquired through foreclosure, governmental authorities, and certain nonprofit affordable housing organizations from the fee.

Requires all institutional investors to file annual reports by April 15th disclosing the number of subject properties, properties at risk of becoming vacant within six months, and single-family homes owned or acquired in the previous 12 months.

Imposes civil penalties of $500 for a first offense and $1,000 for subsequent offenses for each day an institutional investor fails to submit the required annual report.