Court of Appeals for the Seventh Circuit February 20, 2007, 06-1160 (Phoenix Bond & Indemnity Co. And Bcs Services, Inc. v. John Bridge)

EASTERBROOK, Chief Judge.

Failure to pay property taxes creates a lien for the amount of the unpaid tax (including interest), plus a penalty. Cook County, Illinois, sells tax liens at auction. The bids are stated as percentage penalties that the owner must pay (on top of the taxes and interest) to the winning bidder to clear the lien.