Permits municipalities to acquire real property that is abandoned, vacant, or subject to unpaid taxes.

This bill allows New Jersey municipalities to acquire abandoned, vacant, or tax-delinquent properties by purchasing them at fair market value or using eminent domain. It defines "abandoned" or "vacant" as property exhibiting at least four specific conditions (e.g., overgrown vegetation, disconnected utilities, or accumulated debris), while excluding properties under active renovation, seasonal occupancy, or ownership disputes. Municipalities may deduct unpaid taxes and liens from payments to owners and must hold funds for unlocated owners for one year before transferring to unclaimed property laws. The law aims to streamline property acquisition for blight removal, neighborhood revitalization, and increased municipal revenue.