Partial Payment on Tax Sale Redemption
We had one property go to tax sale this year and the Municipality was declared the purchaser. The property owner wants to redeem the property but has sent me a cheque that will cover about 80% of the redemption total. My question is how should this partial payment be applied, (ie.) to all the interest to the current date and then to the upset amount? How do I continue to calculate the interest on the outstanding amount, on the full upset amount or only on what is left outstanding?