Tax Lien Lawyers in Thomasville
A "lien" in Thomasville, 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 numerous 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 possible 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 Thomasville, North Carolina tax authorities, to compile taxes that the property-owner has failed to pay.
Tax Liens in Thomasville, 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 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 Thomasville, North Carolina
The actual process of setting up a Thomasville, North Carolina tax lien is normally pretty simple. The agency responsible for collecting taxes must first decide that a tax lien is warranted, normally 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 specific period of time (normally 10 days) to pay what they owe.
If the deadline passes without payment, most tax liens in North Carolina take effect automatically, giving the tax collectors all of the options in your property that any other lien holder would have.
Nonetheless, in Thomasville, 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 considerable 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 Thomasville, North Carolina Tax Lien Lawyer Help?
If you receive notice from the federal government, or the government of North Carolina that a tax lien has been imposed on your property, some pretty complex legal issues are necessarily involved.
Fortunately for you, tax lawyers in Thomasville, North Carolina are experts at dealing with matters such as these, and can make sure your rights are safeguarded, and advise you on the best way to proceed, if you are facing the prospect of a tax lien.