Modifies procedures for municipalities to acquire abandoned, vacant, or tax-delinquent real property.

The bill modifies procedures for municipalities to acquire real property that is abandoned, vacant, or subject to unpaid taxes. It provides a different definition of "abandoned" or "vacant" properties, allowing municipalities to purchase such properties for fair market value or acquire them through eminent domain. The bill also allows municipalities to subtract unpaid taxes and municipal liens from the compensation owed to the property owner. If a municipality cannot locate the owner after diligent efforts, it must hold the compensation in trust for one year before presuming it abandoned.

Modifies procedures for municipalities to acquire abandoned, vacant, or tax-delinquent real property.

The bill modifies procedures for municipalities to acquire real property that is abandoned, vacant, or subject to unpaid taxes. It provides a different definition of "abandoned" or "vacant" properties, allowing municipalities to purchase such properties for fair market value or acquire them through eminent domain. The bill also allows municipalities to subtract unpaid taxes and municipal liens from the compensation owed to the property owner. If a municipality cannot locate the owner after diligent efforts, it must hold the compensation in trust for one year before presuming it abandoned.