Tax Lien Lawyers in Little Elm

In Little Elm, 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 created for the specific purpose of collecting taxes from a delinquent tax payer in Little Elm, Texas.

Tax Liens in Little Elm, 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 virtually any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.

Tax Lien Procedure in Little Elm, Texas

Imposing a tax lien in Little Elm, Texas is normally an uncomplicated process. Usually, the tax authorities simply have to make a determination that the taxpayer is delinquent in their taxes, and that imposing and enforcing a tax lien will actually be worth the effort.

They will then mail a document called a "notice and demand," which lets the taxpayer know that they owe money on their taxes, and that they have a given period of time (typically 10 days) to pay what they owe.

If the back taxes are not paid before the deadline is up, the lien will typically take effect immediately, with no further action by the IRS or Texas tax agency, giving them all the rights in your property that the law permits.

However, in Little Elm, Texas, 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 narrow period of time.

How Can a Little Elm, Texas Tax Lien Lawyer Help?

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

Luckily, Little Elm, 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.