[ChildOfThe60s]

so a bank or insolvent developer can essentially borrow money at very low interest by delaying tax payments

Not in Kentucky. The state mandates 12% annual interest, accruing at 1% per month. If you can buy the tax bill on a property with a clean title, and can afford to wait, it's a great return.

[lacrew]

Wow. Reminds of something a co-worker once told me: “There is no such thing as private property in this country...and if you don’t believe me, try not paying your taxes.”