REO property and taxes

[Jonathan Safa]

Hey everyone, 

Made an offer on a home that has, according to the county website, a Fair Market Value of $187k. Taxes, then, on this property in 2016 were $2,765. 

I have made an offer on the home at $77k. It is safe to say it needs a great amount of work. 

Can I expect taxes to decrease substantially after the home is appraised in my closing process? I do not want to make any false assumptions, but I can't imagine a world where the taxes are continued to be based on the previous home value? 

Thanks! 

Jonathan 

[Kevin Siedlecki]

@Jonathan Safa - No. The taxes will be based on the most recent assessment, and have nothing to do with bank appraisals. You will have to wait until the city/town does another round, or you can file a protest of the current assessment. My guess is that you're going to want to make improvements, which will bring the assessment to where it was before, anyway, if not higher, so the protest is probably not worth the trouble.