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Account #: 453 Address: Ketchumville & Lamb Roads, Town of Newark Valley Municipality: Town of Newark Valley Tax Map # 44.00-1-57.10 Land Size in Acres: 52.21 acres (+/-) 2008 Assessment: 38,375.00 Last Owner: Mary Beth Schell Parcel code - use: 323 - Rural Vacant Est. Yearly Taxes Due: 1,500.00 School District: Newark Valley Public Water: no Public Sewer: no Foreclosure Year: 2006 Property Description: Another magnificent property . . . 52 acres in a rural location with piece and quiet at the south east corner of Ketchumville and Lamb Roads; mature woods and tillable fields. This property will be sold by the acre with that high bid amount multiplied by the number of whole tax map identified acres. BUT . . . the REAL value here is the potential for gas leases. NYS Real Property Tax Law (Article 11) provides that the tax foreclosure process cuts off all title and interest of the owner, and also all other claims and liens, including mortgages and judgments. Recorded easements and rights of way are not cut off. Do your homework, due diligence, for this property . . . but it is considered that any pre-existing gas or mineral leases have been terminated by this tax foreclosure process. AS with other vacant parcels in Tioga County, the UPSIDE investment potential here appears tremendous!
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