The tax paid from your lending proceeds should be the equivalent of your tax rate I would think.

The first year my property taxes were $1,619.

I am in one of the higher tax brackets and could be saving around 40k~ a year on taxes with this.

Taxes and requirements should be much lower for a LTR

I'd see how next 2 weeks go before lowering the price.

Hre are the key things to knowWhat you are bidding on - often oddball properties that are hard to identify and have little value are auctioned offThe true as is value of the property, The tax assessment can be way higher or way lower than the true as is valueThe local laws and how they affet your total costs and returns

I don't know the answers on taxes, but New Jersey is the densest state in America.

I’m in the 33% tax bracket through my real job and this could be a big difference in taxes owed if we sold the property?

@Daniel MadhavapallilYou should hire a tax professional. 

Hence the lot on which the house resided was taxed at a 45% discount based on actual value, while the tennis lot was taxed at about 4 times what it should have been by value.