I own a property and it's Not very big. Last years assessed value is 118,000$. There is a small lot in-between mine and my neighbors house about 510sqf for 400$. Since my lot is small anyway is it worth it to buy the little lot to add to my property?

If your lot does not have a house on it and is not big enough to build on and the addition will make it so u can build on it, it would be a good investment.

Would the additional taxes be a burden?

There are a lot of variables that should be considered. The extra maintenance and clean up are just 2.

Good luck

Chuck

No one can answer this but yourself. If the addition of this lot will enhance your living and the value of your property then it would seem to make sense to purchase it.

Some other things to consider is the cost of a new survey to combine the property into one deed, registration costs for a new deed. Additional taxes. What would happen is someone else purchased it? How does it fit into your property? And more.