Tax Lien Lawyers in Venice

In Venice, 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 Venice, 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 Venice, 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 Venice, Florida

The actual process of setting up a Venice, Florida tax lien is typically pretty simple. The agency responsible for collecting taxes must first determine that a tax lien is warranted, typically 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 given period of time (typically 10 days) to pay what they owe.

If the back taxes are not paid before the deadline is up, the lien will typically take effect immediately, with no further action by the IRS or Florida tax agency, giving them all the rights in your property that the law permits.

However, in Venice, Florida, 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 substantial 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 narrow period of time.

How Can a Venice, Florida Tax Lien Lawyer Help?

If you are notified by the government that you owe back taxes in Florida, and that they are going to pursue a tax lien to collect their money, things can get very intricate, quite quickly.

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