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Tax Certificate Sale. A tax certificate is an enforceable first lien against the property for unpaid real estate taxes. The certificate holder is an independent investor who actually pays the taxes for a property owner in exchange for a competitive bid rate of return on the investment. The tax certificate sale allows investors to purchase certificates by paying the tax debt.
Once the taxes are sold at tax sale, they are paid by another party. A tax lien is then placed on the property and if it is not redeemed within the time specified by Iowa law, the tax sale certificate holder may initiate proceedings to obtain a tax deed on the property.