Implications of Selling a piece of land for $1

[Annunciata R.]

Due to an error made by my local county my lot was valued from $55K to $1.4M. The land was bought by a trust where I am the beneficiary, spoke to the relevant officials and they agree with the anomaly however they have not done anything about it. The property taxes will become due very soon and my only choice is to dispose it to myself for $1 as it has lost value due to extortionate taxes on the erroneous new value. I am just checking to see what the implications would be other than buying myself time for another year or so. Thanks