Local governments across the United States record roughly $25 to $28 billion in unpaid property taxes each year, money that would otherwise fund schools, roads, emergency services, and public infrastructure. For decades, tax lien and tax deed investing has channeled private capital into that gap, providing investors with returns while keeping public budgets intact. But two Supreme Court cases and a wave of state legislative action are forcing the industry to reckon with new legal boundaries at a moment when clarity matters most.

Brad Westover, Executive Director of the National Tax Lien Association (NTLA), has spent roughly 30 years in this space, first deploying $1.5 billion across 23 states on behalf of various companies, and for the past 14 years, leading the only national nonprofit association representing the full spectrum of industry participants.

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