The government requires property owners to pay real estate
taxes. A tax lien is an encumbrance placed on property or a vacant lot by a government agency when the property owner becomes delinquent and does not pay his or her property taxes. The liens on these properties are typically sold at county auctions to investors. Winning investors obtains a first lien position on the property. The property owner receives notification of the tax sale and must pay off the delinquent taxes and any interest and penalties that are accrued. The owner must reclaim his or her property within a specified period of time. This is often called the redemption period.
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