Property tax on an REO

[Robert Carpenter]

Suppose you pay $120,000 for an REO with an ARV of $300,000 which needs $80,000 in repairs. Will the county reduce your property tax to reflect your $120,000 purchase price ?

[Darren Sager]

I've done it before as well @Robert Carpenter .   If your property is in Essex County you'll be heading over to East Orange:

The Essex County Tax Board offices are located at 50 South Clinton Street, Suite 5200, East Orange, NJ 07018. Their phone number is 973-395-8525.  

I think its on the third or fourth floor.  Its been a couple years since I did my last one.  You can download the forms here:

http://essextaxboard.com/appeal.html

Good luck!