I want to buy a property assessed at 256000 dollars but is being sold for 145000. It is a foreclosure. It needs a lot of work. It is on 8.5 acres of land. The taxes on the home are 6000 a year. Is there any way to lower the taxes?
by 
coffee joe
ANSWERS: 3
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Get the property re-zoned.
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My sister ran into a similar problem when she bought a house through an auction. Quite similar values to yours, actually. Normally, a purchase assessment will be somewhere near the actual purchase price. With hers, she had to present to the assessors that it was purchased for what she paid, therefore next years taxes should be for much less. She didn't get the taxes all the way down to the percentage for what she paid, but to about halfway between, and it didn't help for the current year as they were already locked in.
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Is the $6000 based on the current house value? Once the property is bought at $145K, the property taxes should reset to the purchase price. BUT when the work is done on the house, making the improvements and getting the building permits, the taxes will again reset to the current market value of the home! there should be an overall temporary savings, tho.
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