Tax Lien Lawyers in Mcgregor
In Mcgregor, 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 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, then, is simply a lien that is appointed for the specific purpose of collecting taxes from a delinquent tax payer in Mcgregor, Texas.
Tax Liens in Mcgregor, Texas are generally only effective if the taxpayer has a significant amount of property on which a lien can be placed. However, it's important 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 Mcgregor, Texas
Imposing a tax lien in Mcgregor, Texas is typically an uncomplicated process. Generally, 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.
At this point, they will send the taxpayer a written notice stating that they owe a certain amount of money in back taxes, and that they have a small window of time (often 10 days or less) to pay it.
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 Texas tax agency will have significant rights against the taxpayer's property.
However, there are limits to how and when a tax lien can be enforced, at least under federal law. The IRS has 10 years to enforce a tax lien in Mcgregor, Texas or anywhere else in the U.S. If it never bothers to take action to seize property that's subject to a tax lien, the lien simply ceases to exist after 10 years. This rule is in place to ensure that the government does not sit on its rights, and to prevent potentially-valuable property from being encumbered indefinitely. Basically, it creates a measure of certainty for both parties.
How Can a Mcgregor, 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 complicated legal issues are necessarily involved.
Luckily for you, tax lawyers in Mcgregor, Texas 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.