Word: quadrillionth
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Dates: during 1937-1937
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...property for the fixed tax sum sought. Usually the fractions go no smaller than one-eighth or one-sixteenth, but at one day's sales in Miami last week the bidding grew so hot that prices spiraled dizzily downward to thousandths, millionths, billionths. then trillionths, finally quadrillionths. Record was set by a man who paid $115.85 for a certificate representing a claim to 1/100 of 1/100 of 1/1,000,000,000,000,000 (quadrillionth) of a small Miami lot. He nosed out another buyer who got tired after reaching 1/90 of 1/100 of one-quadrillionth...
...property owner the size of the claim makes little difference, for the real value of the tax certificate is its nuisance value. The buyer cannot claim his one-fourth or one-sixth or one-one-hundredth of one-one-hundredth of one-quadrillionth until the end of two years, during which time the property owner may redeem the certificate for the amount of the back taxes plus 25% interest for the first year, 8% thereafter. Since the certificate is a cloud on the title, most certificates are eventually redeemed. The buyers are usually mortgagees seeking to protect their position...
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