Tax Lien Lawyers in Stillwater

In Stillwater, Oklahoma, 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 Stillwater, Oklahoma can arise to secure the payment of any federal or state tax, including income tax, estate tax, or gift tax.

However, a tax lien in Stillwater, Oklahoma will be ineffective if the debtor doesn't own any valuable property to encumber with a lien. As with any debt, the creditor can't collect if the debtor doesn't have any assets. Nonetheless, a tax lien can be applied to property that the taxpayer gains after the lien goes into effect.

Tax Lien Procedure in Stillwater, Oklahoma

In Stillwater, Oklahoma, the process for creating a tax lien is fairly uncomplicated. First, the tax authorities decide that a taxpayer really 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 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 the back taxes are not paid before the deadline is up, the lien will normally take effect immediately, with no further action by the IRS or Oklahoma tax agency, giving them all the rights in your property that the law authorizes.

But, under federal law, there are limits to how tax liens can be enforced in Stillwater, Oklahoma, 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 Stillwater, Oklahoma Tax Lien Lawyer Help?

If you end up having a tax lien imposed on your property in Oklahoma, you will probably have to deal with some fairly hard legal issues, which might be intricate to a layperson.

Thankfully, Stillwater, Oklahoma 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.