Tax Lien in Newark, New Jersey

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Tax Lien Lawyers in Newark

A "lien" in Newark, New Jersey 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 several 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.

In Newark, New Jersey, a "tax lien" is simply a lien imposed by the government to compile back taxes from a person or corporation, when other methods for collecting have failed.

Tax Liens in Newark, New Jersey are typically 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 Newark, New Jersey

The process of imposing a tax lien on property in Newark, New Jersey is normally fairly simple. The first step is for the IRS or local tax agency to determine that a person really 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 determined that they owe back taxes, and that they have a short period of time (normally 10 days) to pay them without incurring a penalty.

If this deadline expires, and the debtor does not pay the taxes they owe, the lien will take effect automatically. When this happens, the IRS or New Jersey tax agency will have considerable rights against the taxpayer's property.

However, there are limits to how and when a tax lien can be enforced, at least under federal law. The IRS has 10 years to enforce a tax lien in Newark, New Jersey or anywhere else in the U.S. If it never bothers to take action to seize property that's subject to a tax lien, the lien simply ceases to exist after 10 years. This rule is in place to ensure that the government does not sit on its rights, and to prevent potentially-valuable property from being encumbered indefinitely. Basically, it creates a measure of certainty for both parties.

How Can a Newark, New Jersey Tax Lien Lawyer Help?

If you end up having a tax lien imposed on your property in New Jersey, you will probably have to deal with some fairly hard legal issues, which might be complex to a layperson.

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

Talk to a Tax Law Attorney now!

Life in Newark

Newark is a massive city. To give you an idea how massive, "The Brick City" is the largest in all of New Jersey and at a short distance of 8 miles from Manhattan, it's an ideal place for many New York professionals to call home. Port Newark is on Newark Bay along the Atlantic Ocean and is the largest port on the East Coast. The Port of Newark offers the most rail facilities, biggest cranes, and wide deep docking. It serves as the location for shipping nearly all New York containers. Newark's skyline shows what industrious city it is. Newark is home to the headquarters of Prudential Financial, Horizon Blue Cross and Blue Shield of New Jersey, New Jersey Transit, and the Public Service Enterprise Group PSEG are headquartered in downtown Newark.

Newark plays host to some of the nation's best universities and schools. The New Jersey Institute of Technology has educated NASA aerospace engineers to National Technical Medal of Technology winners. Rutgers University is located in Newark and has been consistently voted as one of the top business and graduate school in the United States. The city and local colleges draw outstanding talent for the New Jersey Performing Arts Center that is just adjacent to Military Park, a 6 acre green space with the well known "Wars of America" statue on display. You may also remember Brick City which was aired as a five part documentary on the Sundance Channel in 2009. The second installment comes in 2011. The documentary revolved around Newark's leaps and bounds to improve the safety and corruption of the past.

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