Mturner,
Somtimes the properties you by at action are not in the same condition as the other properties in the same area. It seems tat a lot f folks take care of their property the same way theydo their bills, poorly. If you find this is the case take pictures or spend the money to get an independent appraisal on the property to show the tax office and don't do too much to bring up the value untl you complete your protest.
Margaret

Mturner,

You can protest the taxes each year. You can also hire someone to do it for you. Tax authorities are not always willling to bring value down to sales price, especially on foreclosures or auctions, but it is worth a try. You can also go to arbitration where there is perhaps a better chance of having a reasonable person hear your case.

A lot of time the property is assessed for more than the property will sell. Depending on the area of the country it may very when an how they assess value. There should be a discription of the property tax appeal process on the back of the property tax bill. The prcocess may be simple or more complicated. It may take a while to get the value adjusted. The taxes is the source of revenue for the city and in these times it maybe more difficult to get them adjusted. Also, typically the taxes are as of January 1 and will not change until the next year. So if you buy after January 1 you will most likely be stuck at the higher rate and even if you buy in the 3 rd or 4th quarter it may take another year to get the taxes adjusted.

When purchasing a property like this, you are taking on the risk, so plan on paying the tax for a while until you are able to work with the city! Don't assume anything!

I am not sure how it works in Ohio, but in Texas we have the ability to meet with our tax department annually and contest the property tax appraisal. This lowers the appraised value of the property, thus the amount of taxes we pay.

If you have that ability, arm yourself with good area comps, as well as current pictures and required repairs of the property - anything to justify the current value. You may not get it down to the auction sale price, but you should be able to get a significant discount.