because it is a foreclosure
.Back in 2007 it sold for more than $2m and at that time the taxable value set by the town was nearly $2m. Hence the taxes
The taxes are based on the townwide revaluation and the actual list price has nothing to do with the taxes payable.
Mind you if you were to buy the house at this price you might be able to appeal the taxes to the town and get them reduced.
However towns have gotten wise to the situation regarding foreclosures and are unwilling to take the actual sale price into consideration when resetting taxes.