Help please....Can someone reply on how to dispose of a property? It's raw land I inherited and now need to pay tax on......believed to be un-buildable property (10 acres, has a few inches of water so it's called 'wetland') although it's on a busy 2-lane road. I live 2000 miles away so I cannot go there to check records, negotiate deals, talk to a neighbor if I can even find one, etc. I just talked to a realtor (he's the one who said its un-useable b/c it's shown as wetland on county maps) who said it might be worth $10k maybe, but he didn't think you could easily find a buyer so therefore it's not even worth that much.
So I might just want to give it up so I can stop paying the $1000/yr property tax...and how do I do that?
I was wondering: I suppose a person can stop paying property tax and eventually the State will take it away...but I am worried about legal consequences or penalties for doing that. Does anyone how to 'give up' these acres of raw land without hassle? Keep in mind the property is in NY, and I live far away so I cannot go there to work on it, negotiate deals, etc. and it is of small value.
You don't have to inherent property. You can just disclaim it. It's a very simple process that needs to be filed in the court handling the probate. If you have an executor of the estate, you should speak with them.
Chris, thx!, but too late :-( The property transferred to my brother and I about 5 yrs ago via Dad's trust. Dad passed 3 yrs ago. And, you see, it was only recently that I found out my brother was paying the $1k tax yearly. It's lovely natural land...hey, how would you like to have your very own Wildlife preserve?