I have a empty residential lot in a good neighborhood that I bought for cash, thinking to build a spec house on it. The reality is the lot is too steep (needs grading, piers, sewage pumps, ect.) to build cost effectively. It's buildable, but doubt I could make any $.
So, its been for sale for 3 years and no takers. So it's sitting there and I do nothing but pay property taxes on it.
How can I legally abandon it? It is owned by my LLC
Investor · west seneca, NY · Member since 2014 · 376 posts · 211 votes
10y
give it to a charity like habitat for humanity. they will build a house on it for the needy people, and you can write off the entire market value from your taxes
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
10y
Have you approached each adjoining neighbor to make them an offer they can't refuse? Have you protested the tax appraisal showing them the true market value?
Investor · west seneca, NY · Member since 2014 · 376 posts · 211 votes
10y
give it to a charity like habitat for humanity. they will build a house on it for the needy people, and you can write off the entire market value from your taxes
THX for the comments. The adjoining neighbors have no interest in the lot. The lot is too far from the bus line for Habitat for Humanity to consider.
So, I am considering "walking away", how to legally abandon the property? My investment was not substantial, just paying the property tax to me is making the pain worse. Cutting losses seems to be the next move.