Tax Lien Lawyers in Okeechobee

In Okeechobee, Florida, a "lien" is a security interest placed on a piece of property, typically land or a house, to secure the payment of a debt. It usually 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 Okeechobee, Florida, a "tax lien" is simply a lien imposed by the government to gather back taxes from a person or corporation, when other methods for collecting have failed.

However, a tax lien in Okeechobee, Florida will be ineffective if the debtor doesn't own any valuable property to encumber with a lien. As with any debt, the creditor can't collect if the debtor doesn't have any assets. However, a tax lien can be applied to property that the taxpayer acquires after the lien goes into effect.

Tax Lien Procedure in Okeechobee, Florida

In Okeechobee, Florida, the process for creating a tax lien is fairly uncomplicated. First, the tax authorities determine that a taxpayer truly owes taxes that they haven't paid (that they're delinquent in their taxes).

Then, the IRS, or state tax authorities, send a "notice and demand," informing the taxpayer that they owe back taxes, and that they are required to pay their taxes within 10 days.

If that time period expires, and the debtor still hasn't paid, the Florida tax lien will go into effect automatically, with no further action required.

But, these rights are limited. In Okeechobee, 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 Okeechobee, Florida Tax Lien Lawyer Help?

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

Accordingly, it's important that you contact a tax attorney in Okeechobee, Florida to ensure that whatever legal rights you have in this situation are protected. Your attorney will also be able to advise you on how to best deal with the situation.