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The text discusses the process of tax defaulted property auctions, which have been available for over 200 years and are conducted by the local county government. Property owners who don't pay their taxes risk having their property confiscated and auctioned off at a low price, usually for the back taxes owed. The local government cancels out any existing mortgage on the property before auctioning it off. This system is mandated by the state legislature and county board of supervisors.