The county’s latest tax lien sale is scheduled for 8 a.m. Monday at the Lawrence County Courthouse.

Originally there were to be approximately 1,600 parcels on this sale. However that figure has been reduced by at least 700 as owners have come to the treasurer’s office to pay their delinquent taxes or set up a payment plan to cover their obligation.

“People have had some tough times and they put off paying bills,” County Treasurer Stephen Burcham said. “But they face the reality that they have to pay them.”

In a tax lien sale potential buyers do not bid on the taxes or the property but on an interest rate they may receive if the property owner redeems the parcel after the lien is sold. That interest rate begins at 18 percent and goes down by quarter percent.

All bidders must put down $500 in cash before the sale and pay at least 10 percent of the back taxes, administrative costs, penalties and interest the day of the sale. Bidders have until the end of the week to pay the balance.

After one year the owner of the lien can foreclose if the parcel owners does not redeem the property. Then it would be offered at a sheriff’s sale and the lien holder would get reimburse for taxes, interests, administrative and legal cost he or she has paid. If the parcel does not sell after being offered twice at a sheriff’s sale, then the title would go the tax lien holder.

“We didn’t take anything that was less than 12 months old,” Burcham said. “Most of these taxes were due to be paid in 2011 or earlier.”

Those who wish to participate in the lien sale are asked to register at the treasurer’s office by Friday. They can register from 8 to 10 a.m. the day of the sale.