Tax Lien Lawyers in University Heights

In University Heights, 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 permits 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 University Heights, Ohio can arise to secure the payment of any federal or state tax, including income tax, estate tax, or gift tax.

Tax liens in University Heights, Ohio are ineffective if the taxpayer doesn't have any property to place the lien on. However, basically 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 University Heights, Ohio

The process of imposing a tax lien on property in University Heights, Ohio is typically fairly simple. The initial step is for the IRS or local tax agency to decide that a person truly 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 particular amount of money in back taxes, and that they have a small window of time (frequently 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, these rights are limited. In University Heights, Ohio, and everywhere else in the United States, the IRS has 10 years to enforce a tax lien. If they do nothing about it within 10 years, the lien expires. This rule exists for a few reasons. First, it encourages the IRS to act as quickly and efficiently as possible, and not "sit on its rights." Also, it acknowledges the fact that any encumbrance on a piece of property, such as a lien, makes the property less valuable. By guaranteeing that the lien will either be satisfied or expire within 10 years, this prevents property from being withheld from the stream of commerce forever.

How Can a University Heights, 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 challenging legal issues, which might be complicated to a layperson.

Therefore, if you think that any piece of property you own might become subject to a tax lien in University Heights, Ohio, you should not delay to seek the advice of a skilled tax attorney immediately.