A similar thing happened here except it was a railroad line closing. The railroad had purchased (actually had been given) the 30ft of land through all the farms in my area including mine. When the line closed and the railroad went through bankruptcy, I shyster purchased (or was given) the asset and went around to all the farms trying to convince the farmers to buy the land back. Some farmers did, others did not. Those who did are paying about $20/year per 40 acre parcel for the privilege of ownership these days. Those who didn't, get to use the land and the county is collecting no property tax on it presumably because the shyster disappeared when he milked his deal for all it was worth. They don't even have seperate parcels defined for it anymore except for the people who bought the land back.
Like Bo said below, if it's a seperate parcel, just refuse to pay property tax on it and it should eventually fall into property tax limbo like the railroad land that runs through my farm, but I would talk to a lawyer about it first.
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