If you are purchasing this property as your primary residence, you will need to file your homestead exemption. This will reduce the taxable value by $25,000-$50,000 depending on the sale price.
In addition, the property will be reassessed based on the new sale price as long as it is less than the previous sale price. Both of these actions should result in lower taxes for the property.
You can use the tax estimator on the property appraiser's website to get an estimated range of the future property tax based on the new sale price and whether you can file for a homestead exemption.
Best of Luck,
Down Payment Assistance Specialist
Enterprise Mortgage Group
Winter Park, FL