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James Colgan
Pro Member
  • Real Estate Agent
  • North NJ
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72
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Taxes on preforeclosure home

James Colgan
Pro Member
  • Real Estate Agent
  • North NJ
Posted Jul 30 2019, 18:08

I have found a SFH in NYS that I am thinking about purchasing for myself to live in. It is in the preforeclosure state and listed for $250k and comps are about $450K. My question is about how the taxes for the home work. Tax history shows $14k/yr but then with the adjusted price of $250k it brings the taxes down to about $8.5K/yr. If I were to buy this home at the discounted rate in the preforeclosure state would the taxes be $14k? Also, do the taxes get adjusted for foreclosures as well?

Thanks, 

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