Tax Lien Lawyers in Barnstable
In Barnstable, Massachusetts, a "lien" is a type of property right, which is created by a court to obtain payment of a lawful debt. Generally, a valid lien gives its holder the right to seize the property subject to it, or at least some of the property's equity, to satisfy the debt. If the owner sells a piece of property that's subject to a lien, the creditor who owns the lien may be entitled to the proceeds, up to the amount you owe them. It can also put them "first in line" compared to other creditors, if the debtor files for bankruptcy.
In Barnstable, Massachusetts, 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 Barnstable, Massachusetts are generally only effective if the taxpayer has a significant amount of property on which a lien can be placed. However, it's critical to note that essentially any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.
Tax Lien Procedure in Barnstable, Massachusetts
In Barnstable, Massachusetts, the process for creating a tax lien is fairly uncomplicated. First, the tax authorities determine that a taxpayer actually owes taxes that they haven't paid (that they're delinquent in their 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 the deadline passes without payment, most tax liens in Massachusetts take effect automatically, giving the tax collectors all of the rights in your property that any other lien holder would have.
However, in Barnstable, Massachusetts, 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 limited period of time.
How Can a Barnstable, Massachusetts Tax Lien Lawyer Help?
If the federal government, or the government of Massachusetts informs you that they intend to place a tax lien on your property, you will likely face some pretty complicated and daunting legal issues.
Luckily for you, tax lawyers in Barnstable, Massachusetts are experts at dealing with matters such as these, and can make sure your rights are protected, and advise you on the best way to proceed, if you are facing the prospect of a tax lien.