If property taxes are not paid on or before June 30, the property is sold to the state, which starts the running of the redemption period that lasts five years.
An ad valorem tax on the value of a property is known as a property tax or millage rate. The governing body of the region where the property is located is responsible for collecting the tax. A town, a county, a federated state, or the federal government are all examples of this. The same property may be taxed by several jurisdictions. Real estate frequently has to pay a property tax. It could be levied every year or just once, such as in the case of real estate transfer tax.
It is possible to retrieve your home during the redemption period after it has already been sold at a foreclosure sale. The remaining mortgage balance as well as any expenses related to the foreclosure procedure must be paid. Many states have a redemption period of some kind.
So, when the property is sold to the state if property taxes are not paid by June 30 or earlier, then the redemption period begins to run which lasts up to five years.
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