Tax Lien Lawyers in Trenton
In Trenton, Ohio, a "lien" is specified as a property right that's authorized to a creditor against a piece of property owned by a debtor, for the purpose of collecting on the debt if the debtor is unwilling or unable to pay. A lien authorizes its owner to exercise some control over the property that is the subject of the lien. This includes the right to force a sale of the property, and to seize the resulting revenue, and priority access to the property ahead of other creditors.
A "tax lien" is simply a lien placed on a piece of property by the state or local government, to acquire the payment of back taxes. A tax lien in Trenton, Ohio can arise to secure the payment of any federal or state tax, including income tax, estate tax, or gift tax.
Tax liens in Trenton, 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 Trenton, Ohio
The process of imposing a tax lien on property in Trenton, Ohio is normally fairly simple. The initial step is for the IRS or local tax agency to decide that a person really 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 some amount of money in back taxes, and that they have a small window of time (commonly 10 days or less) to pay it.
If this 10-day period expires without payment, the tax lien arises automatically. Once this happens, the tax authorities in Ohio have all the options in the taxpayer's property that any other lien holder would have, containing priority over competing creditors.
But, under federal law, there are limits to how tax liens can be enforced in Trenton, Ohio, and elsewhere. Typically, 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 Trenton, 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 hard legal issues, which might be intricate to a layperson.
Thankfully, Trenton, Ohio tax attorneys can help. If you are facing the prospect of a tax lien, you should not hesitate to seek qualified legal advice, to ensure that your legal rights are protected.