Question About High Property Tax/Low Value Home
Hi all:
I came across a deal in my area that seemed ideal for a flip. The house in question needs a total rehab, but was priced significantly under comparable homes in the neighborhood. It was listed for around 200k and similar homes are 300-400k. It sits on half an acre, which is a pretty nice size given the area.
But the property taxes on this home are enormous and approach 20k. Can anyone explain why or how the taxes can be 10% of the home's sale price? Anyone experience anything similar and have any advice?
Thanks!