This bill allows municipalities in New Jersey to acquire real property that is deemed abandoned, vacant, or subject to unpaid taxes through two methods: purchasing the property at fair market value or exercising eminent domain under the "Eminent Domain Act of 1971." This approach is intended to simplify the process for municipalities compared to existing laws, such as the "Abandoned Properties Rehabilitation Act" and the "tax sale law," which can be cumbersome and costly. The bill also allows municipalities to deduct any unpaid taxes and municipal liens from the compensation owed to the property owner when acquiring the property.

Additionally, the bill provides a new definition of "abandoned" or "vacant" properties, requiring that at least four out of fourteen specified conditions be met to classify a property as such. It also clarifies that properties undergoing construction, occupied seasonally, or involved in ownership disputes do not qualify as abandoned or vacant. 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 considered abandoned under the "Uniform Unclaimed Property Act." This legislation aims to address the issues caused by vacant and abandoned properties, ultimately improving public health, property values, and municipal revenues.