Tax Lien Lawyers in Tecumseh
In Tecumseh, Oklahoma, a "lien" is defined as a property right that's granted 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 secure the payment of back taxes. A tax lien in Tecumseh, 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 Tecumseh, 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. However, a tax lien can be applied to property that the taxpayer acquires after the lien goes into effect.
Tax Lien Procedure in Tecumseh, Oklahoma
In Tecumseh, Oklahoma, the process for creating a tax lien is fairly uncomplicated. First, the tax authorities determine 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 deadline passes without payment, most tax liens in Oklahoma take effect automatically, giving the tax collectors all of the rights in your property that any other lien holder would have.
However, if the federal government does not seek to enforce a tax lien in Tecumseh, Oklahoma 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 ensure that property is not encumbered by a lien forever.
How Can a Tecumseh, 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 confusing to a layperson.
Therefore, it should go without saying that if you are facing the prospect of your home or vehicle being slapped with a tax lien, you need to obtain the advice of a brilliant tax lawyer in Tecumseh, Oklahoma as soon as you can.