Check with your local tax collectors office, and see if there is a way to reduce your assessed value, thus reducing the taxes due.
I hope this information helps, best regards, Jeff Long
On a foreclosure, the tax assessment may be higher. Here's a "based on real life" example in Northern Virginia. Let's say a house sold for $175,000 in 1990. The assessment would have been at or near $175,000 in the following tax year, reflecting what was the house's real value, as determined by its sale. Over the years, prices rose, as did assessments. That house in 2005 might have had an assessment of, say, $525,000. However, the market here was hot, and that house actually may have sold for $600,000. The next year, in 2006, the assessment would have been $600,000, reflecting the sale the year before. However, the bubble burst, prices declined, and let's say this house went into foreclosure. Now it's on the market for $350,000. The assessment is still around $600,000. Now, the house may or may not be worth $350,000 in today's market. I've seen some (in Annandale, for people familiar with Northern Virginia) that followed this exact pattern. I've seen a couple that really aren't worth more than $325,000, even with a $600,000 assessment.
So, when considering foreclosures, don't pay any attention to the tax assessment. Just pay attention to the real value of the property.
Hope that helps.