Property Ownership, Transfer of Title & Land Use 6.3

Question 1

What is Equitable Right of Redemption?

Answer 1

equitable right of redemption which means the taxes may be redeemed (paid in full) before the tax sale, in order to avoid foreclosure.

Question 2

What is a statutory right of redemption?

Answer 2

A statutory right of redemption is when a defaulted owner may redeem by paying the amount collected at the tax sale plus interest and charges, including taxes levied since the sale.

There is a limited period of time allotted for this statutory right.

Question 3

What are Special Assessments for Special Improvement Districts (SIDs

Answer 3

are areas that have undergone (or are undergoing) development and the property owners and future property owners are sharing the expense of the improvements in the area.

The assessment is typically spread out over a number of years, with the property owner having the right to prepay at any time without penalty.

Question 4

What is a local improvement district (LID) created for?

Answer 4

LID’s are created to fund large-scale improvement projects in the area and is managed in the same way.