My family and I are looking to buy a house. I just found a foreclosure on a 7 br 5.5 br 4500 sq ft house listed for $299,000. The house is a complete wreck it has 2 kitchens 1 is outdated and the other is completely demolished and missing. It's on 1 acre of land in Middletown NJ. The amount of property is easily 4 times larger than anything else in the neighborhood and the average sq ft is around 2200 for the rest of the neighborhood. The house is behind another house on the street so its not visible from the street. The neighborhood comps range from 450,000$ to 650,00$ completely remodeled and updated at about 3,000 sq ft. The whole house needs to be renovated. My problem is the monthly taxes are $1300 a month double almost triple any other house in the same price range which causes us to not be able to afford the mortgage. The taxes are based on an assessment saying that the house is worth $749,000. Im wondering if we could get the house re-assessed for the purchase price? The house has been on the market for almost a year and according to Zillow.com the house is estimated at $1,032,000 which is based on comps in the neighborhood and that the house is completely remodeled and has great curb appeal which it isn't and is a complete dump. So is it possible to get the tax assessment re-assessed based on this for $299,000 or somewhere close to there because after a few years of slowly remodeling this should be a huge investment. Any questions feel free to ask. Thanks!
Read more: Want to buy house for $299,000 but won't be able to afford because tax assessment is $749,000?
