Investors from Omaha to Chicago last year bought tens of millions of dollars worth of delinquent property tax debts from Ohio county treasurers, setting new records in several counties.
This gives those institutional investors the right to collect on liens, plus up to 18% interest, from Ohioans who are buckling under the weight of post-pandemic leaps on their property tax bills.
State lawmakers in 1998 legalized the sale of delinquent tax debt, joining roughly half of U.S. states that do so.
Several of Ohio’s biggest counties are now selling record levels of certificates, according to data provided by their treasurers’ offices. Cuyahoga County in June sold off $18 million worth of debt, higher than any year on record. Franklin County last year sold $10 million, double the size of most years’ sales. In the Cincinnati area, both Hamilton and Warren counties sold off more debt in 2025 and 2026 than any year over the past decade. Lucas County is planning its first tax lien sale since 2008.
The system rewards companies as property owners accrue more debt. Buyers of the initial liens also give investors the right to purchase all “subs” – subsequent lien certificates that counties sell off when a property once again falls behind on its taxes. Those certificates require by law an 18% interest rate atop the principal. In rare cases, the investors can pursue foreclosure if debtors fail to pay.
