In Iowa, tax sale certificates to parcels of real estate with delinquent taxes will be sold by each county treasurer at annual tax sales to be held in each county on June 16, 2008. At the sale, the successful purchaser pays the treasurer the amount of delinquent taxes and receives a certificate that entitles the holder to receive reimbursement of the taxes paid plus interest when the parcel owner redeems the parcel in the future.
Iowa tax sale certificate holders receive interest upon redemption at an annual rate of 24 percent, the highest rate of any state in the country. ( See Iowa Code Section 447.1 whereby the redemption interest is computed at the rate of two percent per month.) If the parcel owner fails to redeem, the certificate holder may initiate procedures to foreclose on the certificate and obtain a tax sale deed to the parcel after two years from the date of the tax sale.
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