Annual Tax Sale: A yearly auction of delinquent taxes where a tax buyer (purchaser) pays the delinquent taxes due on a parcel. This results in a lien on the property. The property owner must repay the tax buyer with interest for the amount of the sale – this is known as “redemption.” If redemption does not occur within a set time period, the tax buyer can obtain legal title to the property – this is referred to as a “tax deed.”
