Having property taxes re-assessed

[Mallard]

I'm looking at buying a foreclosed home that needs a lot of work. The appeal is it's an 110 year old Victorian farm house that sits on 3 acres. I love old homes and my wife and I are both up for the project. It's listed as a 6 bedroom house, but the renovation would make it 4 bedrooms, MAYBE 3 depending on how small we feel the current rooms are (it's 2000 sq. ft), or WHERE they are.

 

With a renovation of this type, is it possible to have the taxes reassessed as a 3 or 4 br/2.5 ba house, and would that bring the taxes down, or are the taxes high because of the land?

[mmrmnhrm]

Your initial tax assessment will likely be at whatever the last assessment was. You can then request a re-assessment based on your purchase price, but it will still be listed as 6br (because that's what it is). After the renovations are complete, you can ask for another reassessment based on the new configuration, but at this point, it may or may not be to your advantage, given that, in many ways, it will be a totally new house. There may also be a limit as to how often you can request reassessment.