"They would never lower the taxes just like that, they just look for excuses to increase them. But you have a legal right to file a Property Tax Appeal. In your case you have very good chance that your taxes will be knocked down by a lot. You need to find few comparable sales from before October of previous year that your filing the appeal. Also make sure you properly calculate the requested assessment on the application based on the ratio for your municipality. See the formulas in this article: http://podatekdochodowy.com/article.php?article_id=240&language=en
Also do some research when was the last time that your municipality made a city wide revaluation. For example Atlantic City made it in 2008 at the height of the market so all the properties are assessed high compared to current market. Therefore homeowners have a good change of winning the appeal. Also something that pisses me off is that the amount of taxes that people successfully reduce on their properties via Tax Appeals is then collected from those who don't appeal in the form of raised taxes. That's so they can keep their budget. More about that: http://podatekdochodowy.com/article.php?article_id=267&language=en"