Modifies procedures for municipalities to acquire abandoned, vacant, or tax-delinquent real property.
This bill modifies procedures for determining and paying fair market value in distressed municipalities for real property that is abandoned, vacant, or subject to unpaid taxes. It allows municipalities to acquire such properties by paying the fair market value or exercising eminent domain. The bill defines "abandoned" or "vacant" as real property exhibiting at least four of 14 specified conditions, excluding properties with certain exceptions. It also allows municipalities to subtract unpaid taxes and municipal liens from the compensation amount.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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