When you purchase a home, the initial property taxes that are estimated when you set up the mortgage escrow account to pay the taxes when due are from the past year. If the home has decreased in value significantly since then, you may be able to appeal the value and have your taxes reduced, but only after you have purchased. You can't appeal the taxable value before closing, no matter what the value has dropped to.
If you have any other questions, please call my office at 561-337-4810.
Forbes Realty of South Florida