Tuesday, March 3, 2015

If I pay an overdue tax bill on a property, would I own it?

Question

If I pay an overdue tax bill on a property, would I own it?



Answer

If taxes are unpaid on a property, it goes to tax sale, where bidders can "buy" it for the taxes owed. Once that is done, the original owners have a redemtion period of, I think, 3 years. If they don't redeem it within that time (including paying the "buyer" all his money with interest and fees), the "buyer" then truly owns it. The "buyer" can then file a petition to have himself declared the true owner.



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