If I am unable to sell a land lot and am unable to pay taxes and the fees anymore, is it possible to walk away?
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If I am unable to sell a land lot and am unable to pay taxes and the fees anymore, is it possible to walk away?
There is no mortgage.
Asked on September 21, 2011 under Real Estate Law, New Hampshire
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
If you own land fee simple without any mortgage or trust deed recorded on it and are unable to pay its property taxes, you can walk away from it without any recourse for back property taxes.
Rather than let the property go to tax sale, you should consider contacting several charitable organizations about donating the property to it. If you do so, you can possibly get a tax donation for it. If you do the donation and get a tax deduction for the land given to some charity you get some benefit financially tax wise.
Still another option is selling the land to someone below market just to get rid of it.
Finally, you have the option to bid upon the property at the tax sale when it comes up.
Good luck.
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