Statutory interest rate
The rate set by state law that a tax lien certificate earns if redeemed — either a flat rate (Iowa's 24%, no bidding) or a ceiling that gets bid down at auction (Florida's 18% cap).
See how this plays out in a specific state: browse all 50 states, or check the full glossary for related terms.
General definition — exact terminology and mechanics vary by state and county. Always confirm against the specific county's own auction notice before bidding.