Establishes a vacant property classification for vacant and blighted properties and allows cities with a population of one million or more to levy an.

The bill creates a new vacant property classification for real estate that has been vacant for at least 90 days in a tax year and is not under construction or rehabilitation, as well as for vacant lots and blighted properties in commercial and industrial zones. Cities with a population of one million or more are authorized to impose an additional 3.5% tax on these properties, with the funds raised being used to address homelessness within the city. The bill also specifies that certain properties, such as those with active construction or building permits, are exempt from this classification.

Establishes a vacant property classification for vacant and blighted properties and allows cities with a population of one million or more to levy an.

The bill creates a new vacant property classification for real estate that has been vacant for at least 90 days in a tax year and is not under construction or rehabilitation, as well as for vacant lots and blighted properties in commercial and industrial zones. Cities with a population of one million or more are authorized to impose an additional 3.5% tax on these properties, with the funds raised being used to address homelessness within the city. The bill also specifies that certain properties, such as those with active construction or building permits, are exempt from this classification.