When the county Tax Lien is more than the Property is worth?
I am completely confused on how the math works on City/County owned properties where the outstanding back taxes owed are worth more than the property... (think: vacant lots / teardowns)
Is there a way to pre-negotiate with the county Tax Assessor? % of owed maybe?
Basically, who or how are are these properties disposed of if the math does not work?
Thanks for any insights!