To those who are recommending drowning the raccoon - do you realize what a horrible death that is? It is not quick, by any stretch of the imagination, not to mention that it takes a long time for the animal to wear itself out trying to get out of the water until it finally has no energy / air left. Drowning an animal is a horrible idea that causes unnecessary and frightening torture of the animal. In the U.S. it is considered animal cruelty, even when done to a wild animal, not to mention an immoral act of hated toward a living, breathing creature. There are many humane ways to dispose of the animal - several of those have been mentioned here - so please do not drown an animal!!
In many communities the animal control folks will loan you a trap to catch wild animals that come onto your property. Once the animal is caught, you can take the trap - with the animal in it - back to the animal control facility and they will decide what to do with it. They may re-locate it or euthanize it humanely, depending on whether or not the animal is diseased (rabies.) This option would allow the OP to do away the raccoon on their property while letting the experts decide on how to dispatch it. The animal control folks would not need to access anyone's property since you set the trap yourself then return it. It's worth checking into.