Tax Lien Lawyers in Mills River

A "lien" in Mills River, North Carolina is a property right that a person or entity has in property owned by someone else, created by law, for the purpose of enforcing a debt. A lien gives its holder many rights in the property of another person, including the right to seize the proceeds of a sale of the property, and, if the debtor files for bankruptcy, the right to go to the front of the line among other creditors, making it more likely that the lien holder will collect something.

As you might have gathered, a "tax lien" is simply a lien placed on property by the IRS or Mills River, North Carolina tax authorities, to compile taxes that the property-owner has failed to pay.

Tax Liens in Mills River, North Carolina are typically only effective if the taxpayer has a significant amount of property on which a lien can be placed. However, it's important to note that virtually any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.

Tax Lien Procedure in Mills River, North Carolina

Imposing a tax lien in Mills River, North Carolina is usually an uncomplicated process. Typically, the tax authorities simply have to make a determination that the taxpayer is delinquent in their taxes, and that imposing and enforcing a tax lien will actually be worth the effort.

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 specific period of time (normally 10 days) to pay what they owe.

If this 10-day period expires without payment, the tax lien arises automatically. Once this happens, the tax authorities in North Carolina have all the rights in the taxpayer's property that any other lien holder would have, including priority over competing creditors.

However, in Mills River, North Carolina, 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 certain period of time.

How Can a Mills River, North Carolina Tax Lien Lawyer Help?

If you find yourself on the receiving end of a tax lien in North Carolina, you are going to have to wade through some substantial and difficult legal contentions.

Therefore, it should go without saying that if you are facing the prospect of your home or vehicle being slapped with a tax lien, you need to obtain the advice of a brilliant tax lawyer in Mills River, North Carolina as soon as you can.