Can Real Estate Taxes Be Recalculated?

I will be purchasing a short sale property. The current sellers purchased the home for over 300k 3 years ago. I will be buying the home for almost half that amount. The real estate taxes are over $3700 per year. Being that property values have plummeted is there any way to have my real estate taxes be based on my purchase price of the property?

Public Comments

1. You would have to file an appeal with the Taxing Authority in the area. You must include at least 3 other comps. Check zillow.com and see what other houses in the area are selling for. Just because you are buying a bargain due to someone else's misfortune is no guarantee the town will lower the assessment.
2. Doubtful it will be recalculated but when the sell goes through that info will go to the taxing agency then you can appeal but I would not expect to much.