Tax Lien Lawyers in West Point

A "lien" in West Point, New York 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.

A tax lien, then, is simply a lien that is appointed for the specific purpose of collecting taxes from a delinquent tax payer in West Point, New York.

Tax liens in West Point, New York are ineffective if the taxpayer doesn't have any property to place the lien on. However, essentially any property, including that which the taxpayer obtains after the lien goes into effect, can be affected by a tax lien.

Tax Lien Procedure in West Point, New York

The process of imposing a tax lien on property in West Point, New York is usually fairly simple. The first step is for the IRS or local tax agency to determine that a person actually owes back taxes, and that it is worth the effort to impose a lien.

Then, the IRS, or state tax authorities, send a "notice and demand," informing the taxpayer that they owe back taxes, and that they are required to pay their taxes within 10 days.

If the deadline passes without payment, most tax liens in New York take effect automatically, giving the tax collectors all of the rights in your property that any other lien holder would have.

However, in West Point, New York, 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 West Point, New York Tax Lien Lawyer Help?

If you receive notice from the federal government, or the government of New York that a tax lien has been imposed on your property, some pretty complicated legal issues are necessarily involved.

Fortunately, West Point, New York tax attorneys can help. If you are facing the prospect of a tax lien, you should not hesitate to seek competent legal advice, to ensure that your legal rights are protected.