Tax Abatement after buying a foreclosed property

[Lavada Lindsey]

Hi Everyone,

I just purchased a foreclosed property in Camden County, New Jersey on Hubzu late last month. The property needs lots of updates but is otherwise in very good condition. As you can imagine the property was purchased well under market value and I plan to keep it and rent it out once the updates are complete. My question has to do with paying taxes on the property. I was told by a real estate agent a few months ago that many people get tax abatements when they buy foreclosed or short sale homes because the price they paid for it is well under the tax assessment. I believe he told me that the tax abatement only lasts for 3 years (but, hey, I'll take that). Can anyone offer me any advise on how I can go about applying for this type of tax abatement?

Thank you,

Lavada

[Denise Evans]

There is a document at the following link that gives you general advice on this topic. For any questions it does not answer, it tells you who you can contact for more details.

http://www.state.nj.us/treasury/taxation/pdf/lpt/p...