What is meant by "Tax Reverted Property"?

"Tax Reverted Property" refers specifically to properties that have become government-owned because the previous owners failed to pay their property taxes. When property taxes remain unpaid for a certain period, the local government can initiate a process that leads to the forfeiture of the property to the state or local tax authority. This process typically involves a public auction or sale, but if the property is not sold, it can revert to government ownership. This designation is important within the context of property tax administration because it entails specific procedures and responsibilities regarding the management and potential resale of the property by the government.

Understanding tax reverted properties is crucial as they represent significant implications for local governments, including challenges regarding property maintenance, potential redevelopment, and strategies for returning these properties to productive use.