It really depends on the assessed value of the property. I would call the Tax Assessor's office of the municipality where the home is located and inquire about the assessed value to the home in question and the assessed value of similar homes in the area. If the assessed value is higher than the surrounding properties, you can request a tax reduction from the Tax Assessor, however you may need to file a tax appeal with the County Tax Board. Tax Appeals in New Jersey must be filed with the County Tax Board prior to April 1st.
I hope this helps.