tax sale

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Tax Sale

The sale of real estate in order to pay back taxes. In a tax sale, the taxing authority seizes the property for non-payment and then conducts the sale, generally selling to the highest bidder. For example, the IRS may hold a tax sale of a person's house for chronic non-payment of income taxes.

tax sale

A public sale because of unpaid property taxes.In most jurisdictions, the successful purchaser receives only a tax certificate, which will entitle the purchaser to ask for a tax deed after the passage of the time period specified in that state.

References in periodicals archive ?
A notice will be placed on all packs and cartons of Philip Morris USA's cigarettes stating: "Underage Sale Prohibited.