Tax Lien Lawyers in Nantucket

In Nantucket, Massachusetts, a "lien" is a type of property right, which is created by a court to acquire 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 Nantucket, Massachusetts, a "tax lien" is simply a lien imposed by the government to collect back taxes from a citizen or corporation, when other methods for collecting have failed.

Tax Liens in Nantucket, Massachusetts are generally only effective if the taxpayer has a significant amount of property on which a lien can be placed. However, it's necessary to note that basically any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.

Tax Lien Procedure in Nantucket, Massachusetts

The process of imposing a tax lien on property in Nantucket, Massachusetts is usually fairly simple. The initial step is for the IRS or local tax agency to decide that a person actually owes back taxes, and that it is worth the effort to impose a lien.

Then, the taxpayer is sent a letter with a "notice and demand," which informs the taxpayer that the IRS has decided that they owe back taxes, and that they have a short period of time (usually 10 days) to pay them without incurring a penalty.

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

But, under federal law, there are limits to how tax liens can be enforced in Nantucket, Massachusetts, and elsewhere. Generally, the IRS has 10 years to try and enforce a tax lien. If no effort is made to enforce a tax lien for 10 years, the lien is automatically lifted, and the lien holder loses all rights in it. This rule exists to ensure that the government collects its taxes in a reasonable time period, and it prevents valuable property (which could otherwise be contributing to the economy by being bought and sold) is not laded with a lien for an indefinite period of time.

How Can a Nantucket, 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 perplexing and daunting legal issues.

Therefore, if you think that any piece of property you own might become subject to a tax lien in Nantucket, Massachusetts, you should not delay to seek the advice of a competent tax attorney immediately.