Tax Lien Lawyers in Broome County

A "lien" in Broome County, 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 various 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 possible that the lien holder will collect something.

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

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

Tax Lien Procedure in Broome County, New York

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

Then, the taxpayer is sent a letter with a "notice and demand," which informs the taxpayer that the IRS has decided that they owe back taxes, and that they have a short period of time (typically 10 days) to pay them without incurring a penalty.

If this deadline expires, and the debtor does not pay the taxes they owe, the lien will take effect automatically. When this results, the IRS or New York tax agency will have substantial rights against the taxpayer's property.

Nonetheless, in Broome County, New York, and anywhere else in America, a tax lien only lasts for 10 years, and then it automatically expires. If the IRS fails to exercise the considerable rights that it has under a tax lien within that period of time, it is assumed that they never intend to do so, and the lien will cease to exist. This ensures that valuable property is only kept out of the economy for a narrow period of time.

How Can a Broome County, New York Tax Lien Lawyer Help?

If you receive notice from the federal government, or the government of New York that a tax lien has been imposed on your property, some pretty intricate legal issues are necessarily involved.

Thankfully for you, tax lawyers in Broome County, New York are experts at dealing with matters such as these, and can make sure your rights are safeguarded, and advise you on the best way to proceed, if you are facing the prospect of a tax lien.