Legal Question in Real Estate Law in Indiana

My primary residence is on a 1.34 acre lot in a minor plat of 6 lots (it's lot #3) in rural Hendricks County (Indiana) . I recently purchased the 1.34 acre lot (it's lot #2) next to mine a year ago to avoid having anyone build a home next to mine and I don't intend to build on it either. The sole purpose was to keep it vacant to avoid a home next to mine. There's no easement between the lots and survey stakes are available to verify property lines (if that's relevant). The vacant lot is considered a "buildable" lot and consequently the assessed value is much greater than the open fields all around the minor plat giving way to much higher taxes on my vacant lot. (I currently pay over $700.00 a year in property tax on the vacant lot) My question is: Since my intent is maintain it as "lawn" and never build on it .. is there anything I can do to reduce the assessed value and reduce the property tax. I've considered combined lot 2 and 3 into one which would increase the size of the property my home is on but no one seems to know how I can do that .. or if I should do that. I would rather keep the lots separate and just reduce the assessed value similar to "tillable" property but I don't know how or if that can be done in a minor plat. I'm open for suggestions. Thanks. Mike

1 Answer from Attorneys

Related Questions & Answers

More Real Estate and Real Property questions and answers in Indiana

Looking for something else?