Once you receive a Notice of State Tax Lien, you must be prepared to pay off the lien in full. The lien will be the amount of taxes owed to the state and failing to pay it off can hurt your credit rating.
If you fail to pay it off in the time stated on your notice, then the City of Riverside, on behalf of the State of California, has the right to repossess your property. A tax lien can be applied to real property, like your home or land, as well as your personal property like a car or a boat.
What Should You Do If You Have a Tax Lien in Riverside, CA?
The first answer would be to pay off the lien as soon as you can. However, some people may find themselves in the unique situation where the value of the items with the lien are not enough to save. You can let the state repossess your items, but it can still impact your credit rating. In fact, it stay on your report for up to 10 years.
How Can a Riverside Tax Lawyer Help You?
A tax lien is a serious issue, and for some people can seem to come out of nowhere. It is possible for tax liens to be accidentally filed, and if you have the documents to prove that you paid your taxes, then it could be a terrible mistake.
A tax attorney can help you remove a lien, as well as help you discharge liens from specific properties or make sure that your tax lien doesn’t get in the way of paying off other creditors.