From the Muncie Star-Press:
More than 1,500 Delaware County properties with millions of dollars in delinquent taxes will go on the auction block next month.
The county’s annual tax sale is set for Sept. 12 at the Delaware County Fairgrounds.
...
“I’m guessing that by the time Sept. 12 rolls around, we’ll have between 1,500 and 1,600 properties with taxes of around $5 million,” Dorer said.
People bidding in the tax sale won’t be able to buy the property outright. By paying off the taxes, they’re buying a one-year lien on the property. The original owner has a year to redeem the property by paying the delinquent taxes. If the owner redeems it, the investor that bid on the property gets his or her money back plus interest.
While some bidders on delinquent properties hope to own them — often they are properties next door to their own, for example, and have fallen into disrepair — other bidders are individuals and companies that buy them solely to collect the interest.
http://www.thestarpress.com/apps/pbcs.dll/article?AID=2012308150004
