This bill allows municipalities in New Jersey to acquire real property that is classified as 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 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. Additionally, the bill permits municipalities to deduct any unpaid taxes and municipal liens from the compensation owed to the property owner when acquiring the property.

The bill also 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. However, properties undergoing construction or renovation, those occupied seasonally, or those involved in legal disputes are excluded from this classification. 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 considered abandoned under the "Uniform Unclaimed Property Act."