Tax Liens in Hot Springs, Arkansas

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In Hot Springs, Arkansas, a "lien" is a security interest placed on a piece of property, normally land or a house, to secure the payment of a debt. It typically gives a creditor the right to take ownership of any equity that exists in the property, to secure the payment of the debt. If the owner sells the property, the creditor may also be entitled to the proceeds of the sale, up to the amount owed. It can also give the holder of the lien a higher priority status, giving them an advantage over competing creditors, if the debtor files bankruptcy.

As you might have gathered, a "tax lien" is simply a lien placed on property by the IRS or Hot Springs, Arkansas tax authorities, to compile taxes that the property-owner has failed to pay.

Of course, a tax lien in Hot Springs, Arkansas isn't worth much more than the paper it's printed on if the debtor doesn't own any property of value, on which a lien could be placed. However, a tax lien applies to property that the taxpayer obtains even after the lien is created. Evidently, this makes it quite a bit easier for the government to collect its taxes.

Tax Lien Procedure in Hot Springs, Arkansas

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

They will then mail a document called a "notice and demand," which lets the taxpayer know that they owe money on their taxes, and that they have a specific period of time (normally 10 days) to pay what they owe.

If the deadline passes without payment, most tax liens in Arkansas take effect automatically, giving the tax collectors all of the rights in your property that any other lien holder would have.

However, if the federal government does not seek to enforce a tax lien in Hot Springs, Arkansas within 10 years of imposing it, federal law dictates that the lien automatically expires. This is effectively a statute of limitations on a tax lien, meant to encourage the federal government to collect its taxes in a reasonable period of time, and ensure that property is not encumbered by a lien forever.

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How Can a Hot Springs, Arkansas Tax Lien Lawyer Help?

If the federal government, or the government of Arkansas informs you that they intend to place a tax lien on your property, you will likely face some pretty convoluted and daunting legal issues.

Therefore, it should go without saying that if you are facing the prospect of your home or vehicle being slapped with a tax lien, you need to obtain the advice of a brilliant tax lawyer in Hot Springs, Arkansas as soon as you can.

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