Unfortunately it doesn't matter if the property is a house or condo, each town including East Orange will base property taxes on a tax rate in which the tax assessor calculates the property taxes.
You could be looking at a listing of a financially distressed property. The current owner may be paying taxes on $200K+ basis for a property that's listed for $60K. Then again, maybe it's a short sale and the list price is artificially low. It's hard to tell without more info. Have a local real estate broker look into the situation for you.