Do we have to pay tax on just the land, in union city, nj?

I am trying to buy a bank owned old house which i need to tear it down, Previous the tax on this house was like 7400, do i still need to pay the taxes every year even if i tear down the house.

please reply prompty, and thanks for your answeres

you will pay tax on the land. when you tear down the house the assessment will change so you should pay a little less.