In order to avoid undue hardship, the tax collector may release a particular tract or parcel of real estate from the tax lien of the town when a change in the ownership of such property has occurred since the listing date for the year proposed to be paid, upon payment by the owner of such property of the tax against the same and upon the payment of all unpaid personal property tax with interest and penalties thereon, and all costs allowed by law, against the party in whose name such property was listed. The party paying the personal property tax of another shall be subrogated to the rights of the town with respect to such tax, and the tax collector shall assign to such party all rights of the town with respect to such item of personal property tax. (Code 1970, Sec. 2-58)