Tax Lien Lawyers in Lago Vista

In Lago Vista, Texas, 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 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, then, is simply a lien that is appointed for the specific purpose of collecting taxes from a delinquent tax payer in Lago Vista, Texas.

Tax Liens in Lago Vista, Texas are usually only effective if the taxpayer has a significant amount of property on which a lien can be placed. However, it's crucial to note that essentially any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.

Tax Lien Procedure in Lago Vista, Texas

The process of imposing a tax lien on property in Lago Vista, Texas is typically fairly simple. The first step is for the IRS or local tax agency to determine 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 Texas have all the rights in the taxpayer's property that any other lien holder would have, including priority over competing creditors.

But, these rights are limited. In Lago Vista, Texas, 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." Furthermore, it acknowledges the fact that any encumbrance on a piece of property, such as a lien, makes the property less valuable. By ensuring that the lien will either be satisfied or expire within 10 years, this prevents property from being withheld from the stream of commerce indefinitely.

How Can a Lago Vista, Texas Tax Lien Lawyer Help?

If you are notified by the government that you owe back taxes in Texas, and that they are going to pursue a tax lien to collect their money, things can get very intricate, quite quickly.

Luckily, Lago Vista, Texas tax attorneys can help. If you are facing the prospect of a tax lien, you should not hesitate to seek skilled legal advice, to ensure that your legal rights are protected.