Tax Lien Lawyers in Fort Myers Beach

In Fort Myers Beach, Florida, 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 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.

In Fort Myers Beach, Florida, a "tax lien" is simply a lien imposed by the government to collect back taxes from a person or corporation, when other methods for collecting have failed.

Tax liens in Fort Myers Beach, Florida are ineffective if the taxpayer doesn't have any property to place the lien on. However, essentially 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 Fort Myers Beach, Florida

The actual process of setting up a Fort Myers Beach, Florida tax lien is usually pretty simple. The agency responsible for collecting taxes must first determine that a tax lien is warranted, usually 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 usually 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 Florida have all the rights in the taxpayer's property that any other lien holder would have, including priority over competing creditors.

But, these rights are limited. In Fort Myers Beach, Florida, and everywhere else in the United States, the IRS has 10 years to enforce a tax lien. If they do nothing about it within 10 years, the lien expires. This rule exists for a few reasons. First, it encourages the IRS to act as quickly and efficiently as possible, and not "sit on its rights." Furthermore, it acknowledges the fact that any encumbrance on a piece of property, such as a lien, makes the property less valuable. By ensuring that the lien will either be satisfied or expire within 10 years, this prevents property from being withheld from the stream of commerce indefinitely.

How Can a Fort Myers Beach, Florida Tax Lien Lawyer Help?

If you end up having a tax lien imposed on your property in Florida, you will probably have to deal with some fairly difficult legal issues, which might be complex to a layperson.

Accordingly, if you think that any piece of property you own might become subject to a tax lien in Fort Myers Beach, Florida, you should not hesitate to seek the advice of a competent tax attorney immediately.