One of my blog followers contacted me with a problem. He said he bought a property at the 2015 sale for the unpaid 2014 taxes. When the 2015 taxes came due, he paid those. Now, the owner wants to redeem. The county says the owner does not have to pay any interest on the 2015 taxes. The county told the investor it was just too bad about the money he paid for the 2015 taxes, that was just an interest free loan, basically.
That is WRONG!!!! The statute is very clear on this point. See red italicized portion, below. Has anyone else experienced this same problem?
Section 40-10-122 (partially copied below)
Manner of redemption when land sold to party other than state.
(a) In order to obtain the redemption of land from tax sales where the same has been sold to one other than the state, the party desiring to make such redemption shall deposit with the judge of probate of the county in which the land is situated the amount of money for which the lands were sold, with interest payable at the rate of 12 percent per annum from date of sale, and, on the portion of any excess bid that is less than or equal to 15 percent of the market value as established by the assessing official, together with the amount of all taxes which have been paid by the purchaser, which fact shall be ascertained by consulting the records in the office of the tax collector, or other tax collecting official, with interest on the payment at 12 percent per annum. …