This Halloween, DeKalb County will hold its annual tax sale in an attempt to collect more than $1.5 million in unpaid property taxes.

The county sells outstanding taxes and allows buyers to charge interest.

The buyers pay the debtors’ taxes and then the buyers charge the debtors interest, anywhere from zero to 18 percent, said DeKalb County Treasurer Christine Johnson.

Anyone is allowed to bid as long as he or she does not have an interest in the property, Johnson said. Buyers had to be registered at the county office by Friday.

“The purpose of the tax sale is to provide for the transfer of taxes for unpaid property,” DeKalb County Administrator Ray Bockman said. “The tax buyers are in it usually for the interest.”

The interest rate is determined by reverse auction, where the bidding starts high and the lowest interest rate is picked, he said.

The money collected is distributed to the taxing bodies, such as forest preserves, municipalities, community colleges and libraries, Bockman said. The largest share, about 55 percent, goes to schools.

A number of property owners have yet to pay their taxes.

The owners of about 550 properties have yet to pay their taxes and owe a total of $1,543,541.95, Johnson said. Each year the sale generates about $1 million.

Property owners can come in and pay their taxes by Oct. 28 with cash, cashier’s check or a money order, she said.

Those who fail to pay taxes risk losing their property.

If a buyer pays the taxes for three consecutive years, they can apply to the courts for the deed to the property, Bockman said.