Tax Lien Lawyers in Babylon

A "lien" in Babylon, New York is a property right that a person or entity has in property owned by someone else, created by law, for the purpose of enforcing a debt. A lien gives its holder many rights in the property of another person, including the right to seize the proceeds of a sale of the property, and, if the debtor files for bankruptcy, the right to go to the front of the line among other creditors, making it more likely that the lien holder will collect something.

In Babylon, New York, a "tax lien" is simply a lien imposed by the government to gather back taxes from a person or corporation, when other methods for collecting have failed.

Tax liens in Babylon, New York are ineffective if the taxpayer doesn't have any property to place the lien on. However, virtually any property, including that which the taxpayer obtains after the lien goes into effect, can be affected by a tax lien.

Tax Lien Procedure in Babylon, New York

The actual process of setting up a Babylon, New York tax lien is typically pretty simple. The agency responsible for collecting taxes must first determine that a tax lien is warranted, typically by finding that the debtor owes a significant amount of back taxes.

At this point, the taxpayer will receive a letter containing a "notice and demand," which, as the name suggests, gives notice that the recipient owes taxes, and demands immediate payment. It will typically give the taxpayer about 10 days to pay the demanded amount.

If this 10-day period expires without payment, the tax lien arises automatically. Once this happens, the tax authorities in New York have all the rights in the taxpayer's property that any other lien holder would have, including priority over competing creditors.

But, under federal law, there are limits to how tax liens can be enforced in Babylon, New York, and elsewhere. Usually, the IRS has 10 years to try and enforce a tax lien. If no effort is made to enforce a tax lien for 10 years, the lien is automatically lifted, and the lien holder loses all rights in it. This rule exists to ensure that the government collects its taxes in a reasonable time period, and it prevents valuable property (which could otherwise be contributing to the economy by being bought and sold) is not laded with a lien for an indefinite period of time.

How Can a Babylon, New York Tax Lien Lawyer Help?

If you find yourself on the receiving end of a tax lien in New York, you are going to have to wade through some substantial and confusing legal concerns.

Luckily, Babylon, New York tax attorneys can help. If you are facing the prospect of a tax lien, you should not hesitate to seek skilled legal advice, to ensure that your legal rights are protected.