Property tax question

I have been looking at properties in my area. 1 home in particular has potential but the P. taxes are very high.

Ill give you some background on the property.

SFH 750 sq ft only. 2bd / 1 br In a very good neighborhood. the lot it sits on is relatively big compared to the house, 70 x 202 about .32 acres

the property taxes in 2007 were $1850 @ 100% homestead.

the property was bought in 2005 for 95K and foreclosed on in 2007. I believe the bank took it over with 73k left on it.

taxable value is 43.5k and SEV is 43.5K

its a foreclosure listed @ 57k and has been on the market for a while now.

My 1st question is will the taxable value go down if I buy it for $40- $45k. I read that when a house sells the purchase price changes the property tax value.

my 2nd question is basically to understand the property tax amount its at now. isnt the Taxable Value or SEV 1/2 of the value of the house ?? I live in michigan if that helps and does the lot the house sits affect its high value ?? the lot alone is worth atleast 30K probably more. it seems to me that the property taxes are from when it sold at 95k or when the bank took it over at 73k. I’m just wondering what factors in when they set these figures.

I also read on here that you can ask for a new appraisal of the property after ownership to try to get a lower / truer taxable value to the property.

Property taxes are a uniquely local mechanism. You need to study up on the property tax rules for your specific area. For instance; some communities have a policy of assessing the taxable value at 100% of market value while others shoot for 50% or something in between. Also, determine how often your community reassess each property. Some are annual while others are not. To answer your questions if you purchase the property at the discounted price then that will set the new market value and if this drives the assessed value then you should have strong argument to have the property reassessed and thus reduce your taxes.