tax redemption

tax redemption

(1) The act of a property owner paying all delinquent real estate taxes, plus expenses and accrued interest after a tax sale but before final issuance of a tax deed to the sale purchaser,and thereby regaining all rights to the property. (2) In some jurisdictions,another name for a tax certificate is a tax redemption certificate. It is the document given to a successful tax sale purchaser,and entitles the purchaser to receive a tax deed after a preset period of time unless the owner pays all taxes before that time expires.

References in periodicals archive ?
The Income Tax department has asked the Bombay court to explain on what basis it gave the tax relief to Bachchan when, according to law, only those artists who earn by performing outside the country or receive payment from foreign agencies can be allowed to enjoy tax redemption.
It is an investment scheme that combines very satisfactory and important tax incentives, tax redemptions and subsidies to encourage this very important and promising industry," Finance Minister Harris Georgiades said.
Fund houses had argued that redemptions are not distribution of income, and any move to tax redemptions would amount to double taxation.
The country has created a "free-zone", with offers of multiple tax redemptions.