From your questions, for your own peace of mind it is time to consult your attorney as well as the county engineer for a better understanding of what will happen when and who is responsible to do and pay for what. In Iowa the adjoining landowners still own the easement for roads and road ditches. I would ask the county to deconstruct the road and return it to farming condition, they may already be required to do that whenever a road is abandon. I would also ask your attorney how to handle your neighbor's access to his property. Your neighbor may want to have a new easement written for that.
The county probably gains the most as the taxpayers no longer need to pay for maintenance and snow removal on the abandon road.
I suspect more and more county and township roads will be vacated in the future as farmsteads disappear and population along rural gravel roads continues to drop, old bridges and culverts wear out and are too expensive to replace, the weight of farm equipment continues to increase, property taxes on farmland are capped or restricted, and the funds to maintain little used roads disappear.
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