Tax Lien Lawyers in New Albany

A "lien" in New Albany, 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 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 New Albany, Ohio.

Of course, a tax lien in New Albany, Ohio isn't worth much more than the paper it's printed on if the debtor doesn't own any property of value, on which a lien could be placed. However, a tax lien applies to property that the taxpayer obtains even after the lien is created. Obviously, this makes it quite a bit easier for the government to collect its taxes.

Tax Lien Procedure in New Albany, Ohio

In New Albany, Ohio, the process for creating a tax lien is fairly uncomplicated. First, the tax authorities determine that a taxpayer actually owes taxes that they haven't paid (that they're delinquent in their taxes).

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 rights in your property that any other lien holder would have.

But, under federal law, there are limits to how tax liens can be enforced in New Albany, Ohio, and elsewhere. Generally, the IRS has 10 years to try and enforce a tax lien. If no effort is made to enforce a tax lien for 10 years, the lien is automatically lifted, and the lien holder loses all rights in it. This rule exists to ensure that the government collects its taxes in a reasonable time period, and it prevents valuable property (which could otherwise be contributing to the economy by being bought and sold) is not laded with a lien for an indefinite period of time.

How Can a New Albany, 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 complex to a layperson.

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