From the Johnson County Daily Journal:
Buyers at the county’s annual tax sale spent nearly $4 million to buy properties with unpaid taxes.
Properties are included in a tax sale after the owner fails to make payments on three tax bills, which spans 18 months. That’s tax money that the county, cities and towns, schools, fire districts and libraries don’t collect.
The winning bidders are purchasing a lien on the property for the amount they paid plus 10 percent interest. The original owner has one year to pay that lien, or the buyer can get a tax deed from the court and become the new owner.
http://www.dailyjournal.net/view/local_story/County-s-annual-tax-sale-nets-_1381724251/#.UlxjzM_D-P8
