This bill allows municipalities in New Jersey to acquire real property that is deemed abandoned, vacant, or subject to unpaid taxes through two primary methods: purchasing the property at fair market value or exercising eminent domain under the "Eminent Domain Act of 1971." This approach is intended to streamline the process for municipalities, which often face challenges in proving abandonment or vacancy and dealing with associated costs. The bill also permits municipalities to deduct any unpaid taxes and municipal liens from the compensation owed to the property owner when acquiring the property.

Additionally, the bill establishes a new definition of "abandoned" or "vacant" real property, requiring that at least four out of fourteen specified conditions be met to classify a property as such. These conditions include factors like overgrown vegetation, accumulation of debris, and lack of utility services. The bill clarifies that properties undergoing construction or renovation, those occupied seasonally, or those involved in legal disputes are not considered abandoned or vacant. Furthermore, if a municipality cannot locate the property owner after diligent efforts, it must hold the compensation owed in trust for one year before it is deemed abandoned under the "Uniform Unclaimed Property Act."