§ 78-9. Same—Disposition of proceeds.

(a)

The defaulting taxpayer, and grantee from the owner, or any mortgage or judgment creditor may within the sale redeem each item of real estate by paying to the person officially charged with the collection of delinquent taxes, taxes, penalties and costs, together with eight percent interest on the whole amount of the delinquent tax sale bid if redeemed in the first year after the sale, plus an additional four percent interest on the whole amount of delinquent tax sale bid if redeemed on the second year after such sale.

(b)

Upon the real estate being redeemed, the person officially charged with the collection of delinquent taxes shall council cancel the sale in the tax sale book and note thereon the amount paid, by whom and when, the successful purchaser, at the delinquent tax sale, shall promptly be notified by mail to return to the tax sale receipt to the person officially charged with the collection of delinquent taxes in order to be expeditiously refunded the purchase price plus the interest accumulated, as provided herein.

(Code 1976, § 23-9; Ord. No. 1998-06, § 2(23-9), 6-1-1998)