Tax Lien Lawyers in Bay
A "lien" in Bay, Ohio 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 various 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.
A tax lien, then, is simply a lien that is established for the particular purpose of collecting taxes from a delinquent tax payer in Bay, Ohio.
Tax liens in Bay, Ohio are ineffective if the taxpayer doesn't have any property to place the lien on. However, practically any property, including that which the taxpayer acquires after the lien goes into effect, can be affected by a tax lien.
Tax Lien Procedure in Bay, Ohio
The process of imposing a tax lien on property in Bay, Ohio 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.
At this point, they will send the taxpayer a written notice stating that they owe a certain amount of money in back taxes, and that they have a small window of time (often 10 days or less) to pay it.
If the deadline passes without payment, most tax liens in Ohio take effect automatically, giving the tax collectors all of the options in your property that any other lien holder would have.
Nonetheless, if the federal government does not seek to enforce a tax lien in Bay, Ohio within 10 years of imposing it, federal law dictates that the lien automatically expires. This is effectively a statute of limitations on a tax lien, meant to encourage the federal government to collect its taxes in a reasonable period of time, and guarantee that property is not encumbered by a lien forever.
How Can a Bay, Ohio Tax Lien Lawyer Help?
If you end up having a tax lien imposed on your property in Ohio, you will probably have to deal with some fairly difficult legal issues, which might be intricate to a layperson.
Fortunately, Bay, Ohio 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.