A. Conditions: Real estate sold for special taxes may be redeemed by any person interested therein, at any time within three (3) years after the date of the sale thereof, by such person paying to the City Treasurer, for the use of the purchaser or his legal representative, the amount paid by such purchaser and all costs and expenses, including the cost of the certificate of sale, together with the sum of twenty five dollars ($25.00) for the redemption certificate, and all special taxes that have been accrued thereon and which have been paid by the purchaser after his purchase to the time of redemption, together with interest at the rate of one percent (1%) per month on the whole from the date of payment to the date of redemption; provided, that:
1. In all cases where property has been sold to the City, and general taxes thereon have been thereafter paid by the City, it shall be necessary for a redemptioner to pay the amount of such general taxes, so paid as aforesaid, with interest thereon from the date of payment to the date of redemption, at the rate of twelve percent (12%) per annum; and
2. When two (2) or more parties are interested in a piece of property which has been sold for taxes, either party may redeem the property in which he is interested, upon payment of that proportion of the taxes, interest and costs which his property bears to the whole property sold, together with the sum of twenty five dollars ($25.00) for a redemption certificate. (1979 Code § 6-224; amd. 1998 Code)
B. Installment Redemption:
1. Any property sold to the City, on which tax sale certificates have been issued but for which no tax deed has issued to the City, may be redeemed by any person having an interest in such property on the payment in installments of the unpaid principal, interest and all costs and charges; provided, that the installments shall be paid within such time and in such amounts as will discharge the indebtedness within the period in which the right to redeem from such tax sale shall expire.
2. Credit shall be given for each installment as paid, and the interest shall be reduced proportionately. (1979 Code § 6-225)
3. Interest shall be paid at the rate of twelve percent (12%) per annum on the unpaid balance due under this subsection.
4. There is hereby imposed the sum of two dollars ($2.00) per installment payment to cover the additional bookkeeping expenses incurred by any person taking advantage of this subsection, and such charge shall not be credited against the delinquent assessment. (1979 Code § 6-225; amd. 1998 Code)
5. Every person who takes advantage of this subsection shall enter into an agreement with the City, which shall be substantially in the following form:
AGREEMENT OF INSTALLMENT REDEMPTION
The undersigned hereby:
1. Acknowledges that he is delinquent in the payment of the special improvement taxes levied against the property described below in the amount of $ , which amount is the total of the unpaid tax, principal and interest, costs of advertising and expense of sale.
2. Agrees and promises to pay the above-stated amount in equal installments of $ , which payment will be made on or before the day of each month from the period beginning , 19 , to and including , 19 .
3. Acknowledges having received and read a copy of subsection 7-1-10B of this Chapter, and understands the same.
4. Agrees that should he fail to make payment of the installments when due, the right of the City to receive a tax deed for the property below described shall not be impaired thereby and the undersigned shall not be entitled to receive any refund of any amount paid hereunder.
The property covered by the provisions of this agreement is described as follows:
DATED this day of , 19 .
Mayor
ATTEST:
City Recorder
(1979 Code § 6-225)
C. Certificate: The City Treasurer shall, when any property is fully redeemed, make the proper entry in the tax sale record file in his office, and issue a certificate of redemption, which certificate shall be by him acknowledged, and which entry or certificate shall be prima facie evidence of such redemption. (1979 Code § 6-226)
D. Notice: In all cases where property sold to the City is fully redeemed, the City Treasurer shall issue a formal notice of such redemption in writing and file the same with the City Recorder, whose duty it shall be to attach such notice to the corresponding certificate of sale on file in his office, and endorse on the filing face of such certificate in red ink the word "REDEEMED" and the date of redemption. (1979 Code § 6-227)