Hi Everyone,
I found out earlier this week that my uncle has willed me our 200 acre camp in Allegany County, NY. He has no children and wants to keep the property in the family. It is a mature wooded valley with a small creek running through the middle.
I know he allows a team to cut down some lumber off the hillside to offset the taxes and pay for a nice vacation each year. I would most likely continue the relationship with the logging team since I am single and don’t want to have too large of an impact on my finances right now.
I guess my initial questions are the following:
Where can I learn about the actual value of the property?
He mentioned mineral rights, but I am unfamiliar with the area and am not sure how this is different from the property value?
He mentioned adding a farming plot to lower the tax on the property? Does anyone have any resources on he to accomplish this?
Is there anything else I should be aware of with regard to how this could impact my finances?
Thank you
Submitted March 30, 2022 at 08:33PM by Valerius13 https://ift.tt/jfuMEkT
