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Here in L.A., we have the Los Angeles County Tax Auction twice a year. This is the auction for property for which the tax has not been paid, but unlike other counties where you could pay the taxes off and essentially own the property, in Los Angeles they auction them off all at once. If you're interested in learning more, visit the L.A. County Treasurer and Tax Collector. I went to the auction a few years ago, and will say-- you need to go with basically a suitcase full of cash, as some of these properties get bid up pretty high, although getting a $2 million house for $400,000 is still a very good deal.
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