Tax Lien Lawyers in Maple Valley
A "lien" in Maple Valley, Washington 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 proceeds 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 secure the payment of back taxes. A tax lien in Maple Valley, Washington can arise to secure the payment of any federal or state tax, including income tax, estate tax, or gift tax.
Of course, a tax lien in Maple Valley, Washington isn't worth much more than the paper it's printed on if the debtor doesn't own any property of value, on which a lien could be placed. However, a tax lien applies to property that the taxpayer obtains even after the lien is created. Evidently, this makes it quite a bit easier for the government to collect its taxes.
Tax Lien Procedure in Maple Valley, Washington
The process of imposing a tax lien on property in Maple Valley, Washington is normally fairly simple. The first step is for the IRS or local tax agency to determine that a person really owes back taxes, and that it is worth the effort to impose a lien.
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 the deadline passes without payment, most tax liens in Washington take effect automatically, giving the tax collectors all of the rights in your property that any other lien holder would have.
But, under federal law, there are limits to how tax liens can be enforced in Maple Valley, Washington, and elsewhere. Typically, the IRS has 10 years to try and enforce a tax lien. If no effort is made to enforce a tax lien for 10 years, the lien is automatically lifted, and the lien holder loses all rights in it. This rule exists to ensure that the government collects its taxes in a reasonable time period, and it prevents valuable property (which could otherwise be contributing to the economy by being bought and sold) is not laded with a lien for an indefinite period of time.
How Can a Maple Valley, Washington Tax Lien Lawyer Help?
If you end up having a tax lien imposed on your property in Washington, you will probably have to deal with some fairly hard legal issues, which might be confusing to a layperson.
Accordingly, if you think that any piece of property you own might become subject to a tax lien in Maple Valley, Washington, you should not hesitate to seek the advice of a qualified tax attorney immediately.