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AUCTION LOT:# 4                   Click for road & tax map
Account #:  452
Address:  1021 Lamb Road, Newark Valley, Town of Newark Valley
Municipality:  Town of Newark Valley
Tax Map #  44.00-1-54
Land Size in Acres:  192.29 acres (+/-)
2008 Assessment:  124,650.00
Last Owner:  Mary Beth Schell
Parcel code - use:  240 - Rural Residential
Est. Yearly Taxes Due: 4,900.00
School District:  Newark Valley
Public Water:  no
Public Sewer:  no
Foreclosure Year:  2006
Property Description:  Property Description . . . Magnificent property - rural, quiet location with 192 acres of splendor. Two story wood frame house with metal roof. House condition - unknown. Several out buildings; some post and beam each with its own special use and distinct character. All of the buildings appear vacant. This property enjoys peace and quiet, 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 . . . once again, 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.