The owner, his or her successor in title, or any mortgage creditor may within one year from the day of the sale redeem the property by paying to the authorized official the taxes, penalties, cost and expenses of the sale, together with 7% of the whole amount of the purchase price of the land so sold. Thereupon the town shall refund to the purchaser the amount paid on his or her bid with interest as above stated. The bid by the purchaser shall be then cancelled. The owner or his or her successor in title shall remain in possession of this land. Should any mortgagee redeem land as above permitted, then the amount so paid by him or her for taxes, charges, costs and penalties, shall be added to the mortgage debt or other lien, with same incidents as to priority and with same rate of interest and collectible in the same way as the original mortgage debt.
(1995 Code, § 1-5033)