Tax Lien Lawyers in Happy Valley

In Happy Valley, Oregon, 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 allows 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 Happy Valley, Oregon 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 Happy Valley, Oregon 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 Happy Valley, Oregon

The actual process of setting up a Happy Valley, Oregon tax lien is usually pretty simple. The agency responsible for collecting taxes must first determine that a tax lien is warranted, usually by finding that the debtor owes a significant amount of back taxes.

Then, the IRS, or state tax authorities, send a "notice and demand," informing the taxpayer that they owe back taxes, and that they are required to pay their taxes within 10 days.

If this deadline expires, and the debtor does not pay the taxes they owe, the lien will take effect automatically. When this occurs, the IRS or Oregon tax agency will have significant rights against the taxpayer's property.

However, in Happy Valley, Oregon, and anywhere else in America, a tax lien only lasts for 10 years, and then it automatically expires. If the IRS fails to exercise the substantial rights that it has under a tax lien within that period of time, it is assumed that they never intend to do so, and the lien will cease to exist. This ensures that valuable property is only kept out of the economy for a limited period of time.

How Can a Happy Valley, Oregon Tax Lien Lawyer Help?

If you receive notice from the federal government, or the government of Oregon that a tax lien has been imposed on your property, some pretty complicated legal issues are necessarily involved.

Luckily for you, tax lawyers in Happy Valley, Oregon are experts at dealing with matters such as these, and can make sure your rights are protected, and advise you on the best way to proceed, if you are facing the prospect of a tax lien.