Tax Lien Lawyers in Chesterfield County
A "lien" in Chesterfield County, Virginia is a type of security interest that one person or entity has in someone else's property. Usually, a lien is created by a court, to secure payment of a debt. A lien gives its holder many rights in the property that is subject to it, including the right to seize the funds if the property is sold, and priority access to the property, in front of other creditors.
A "tax lien" is simply a lien placed on a piece of property by the state or local government, to acquire the payment of back taxes. A tax lien in Chesterfield County, Virginia can arise to secure the payment of any federal or state tax, including income tax, estate tax, or gift tax.
Tax liens in Chesterfield County, Virginia are ineffective if the taxpayer doesn't have any property to place the lien on. However, practically any property, including that which the taxpayer acquires after the lien goes into effect, can be affected by a tax lien.
Tax Lien Procedure in Chesterfield County, Virginia
The process of imposing a tax lien on property in Chesterfield County, Virginia is normally fairly simple. The initial step is for the IRS or local tax agency to decide that a person really 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 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 this deadline expires, and the debtor does not pay the taxes they owe, the lien will take effect automatically. When this happens, the IRS or Virginia tax agency will have considerable rights against the taxpayer's property.
Nonetheless, 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 Chesterfield County, Virginia 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 keep potentially-valuable property from being encumbered forever. Essentially, it creates a measure of certainty for both parties.
How Can a Chesterfield County, Virginia Tax Lien Lawyer Help?
If you end up having a tax lien imposed on your property in Virginia, you will probably have to deal with some fairly hard legal issues, which might be intricate to a layperson.
Fortunately for you, tax lawyers in Chesterfield County, Virginia are experts at dealing with matters such as these, and can make sure your rights are safeguarded, and advise you on the best way to proceed, if you are facing the prospect of a tax lien.