Upon the presentation of the petition of any tax levying authority to the court of common pleas of the county, setting forth a description of the real property on which such taxes are delinquent, the amount of delinquent taxes, penalties, interest and costs due, segregated by years, showing also the total amount due to each taxing district, the amount offered in compromise thereof, the division of the compromise settlement between the taxing districts interested, and such other information as may be deemed of information to the court, the court shall fix a day, not more than ten days thereafter, for a hearing thereon. At least five days' notice of such hearing shall be given to each taxing authority having an interest in such delinquent taxes.