Tax Deed
 |
Definition of 'Tax Deed'A legal document that grants ownership of a property to a government body when the property owner does not pay the taxes due on the property. A tax deed gives the government the authority to sell the property to collect the delinquent taxes and transfer the property to the purchaser. Such sales are called "tax deed sales" and are usually held as auctions where the minimum bid is the amount of back taxes and fees owed. |
 |
Investopedia explains 'Tax Deed'In order to acquire a tax deed, the taxing authority, often a county government, must go through a series of legal steps, including notifying the property owner, applying for a tax deed, posting a notice at the property and posting a public notice. The exact steps that must be taken will vary in accordance with local and municipal laws. |
Related Definitions
Articles Of Interest
-
Understanding Your Mortgage
We walk through the steps needed to secure the best loan to finance the purchase of your home. -
Top Tips For First-Time Home Buyers
Follow this step-by-step guide to make your homeownership dreams a reality. -
12 Steps To Closing A Real Estate Deal
A long list of things needs to happen before a home becomes yours. Find out what to expect. -
Home-Equity Loans: The Costs
Learn the factors to consider when comparing the different programs offered by various lenders. -
10 Hurdles To Closing On A New Home
It's the biggest purchase of your life - find out what can go wrong before you even close the deal. -
Holding Titles On Real Property
Find out how best to claim and convey ownership on your assets. -
New Tax Rules Target The Top Tax Bracket
The American Taxpayer Relief Act brings about new tax rules for the wealthy that people such as Warren Buffett have been calling for over the last few years. -
The Financial Fallout Of The DOMA Repeal For Same-Sex Couples
The recent Supreme Court decision to repeal the Defense of Marriage Act has paved the way for same-sex couples to enjoy the same federal benefits as opposite-sex couples. -
Is It Foolish To Strive For The American Dream?
Even Jay Gatsby's stubborn optimism in The Great Gatsby would be hard pressed to believe that rags-to-riches stories are possible in today's economy. Find out why the ever-increasing wealth gap ... -
Canadians: Smart Ways To Use Your Tax Refund
Taxes are an annoying annual chore akin to going to the dentist. Luckily, however, some of us get a nice tax refund after the process. It's important to use this refund wisely though, and Canadians ...
Free Annual Reports