• The Tax Act grants ownership of real estate to a government agency when the owner fails to pay the appropriate property taxes.
  • Tax deeds are sold to the highest bidder at auction at a minimum bid equal to unpaid taxes plus interest and costs associated with the sale.
  • Successful bidders have a minimum amount of time to pay for a purchase - typically 48 to 72 hours.
  • At the end of the auction, the county receives the total amount of overdue tax, and the former owner receives the net proceeds after taxes and fines.
  • Property owners can sue for any amount paid to the municipality in excess of property tax plus interest.