Tax Liens in Cottonwood, Arizona

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In Cottonwood, Arizona, a "lien" is a security interest placed on a piece of property, usually land or a house, to secure the payment of a debt. It generally 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 funds 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 Cottonwood, Arizona tax authorities, to collect taxes that the property-owner has failed to pay.

However, like any other debt-collection method, a tax lien is worthless if the debtor has no significant property on which a lien can be imposed. To get around this limitation, most tax liens in Cottonwood, Arizona apply to after-acquired property (property acquired after the lien was created). Most other liens only apply to specific pieces of property, or property that the debtor owned at the time the lien went into effect.

Tax Lien Procedure in Cottonwood, Arizona

The process of imposing a tax lien on property in Cottonwood, Arizona is usually fairly simple. The initial step is for the IRS or local tax agency to decide that a person actually owes back taxes, and that it is worth the effort to impose a lien.

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 certain period of time (usually 10 days) to pay what they owe.

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

Nonetheless, in Cottonwood, Arizona, 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 limited period of time.

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How Can a Cottonwood, Arizona Tax Lien Lawyer Help?

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

Luckily for you, tax lawyers in Cottonwood, Arizona 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.

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