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In Missouri, tax sales primarily involve tax liens rather than the sale of properties. When property taxes become delinquent, the county sells a lien against the property, allowing buyers to earn interest on the lien, not on the property itself. Missouri conducts tax lien auctions in August through an overbid system, where the highest bidder pays more than the lien's face value to secure rights to collect on it. Investors in Missouri earn interest only on the amount of taxes and fees, excluding any interest on the overbid amount.