tax sale(redirected from Sale Prohibited)
Also found in: Legal.
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.
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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.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.