tax lien

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Tax lien

The right of the government to enforce a claim against the property of a person owing taxes.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Tax Lien

A claim on private property by a government that allows that government to take over and sell the property until it recovers what its owner owes in taxes. That is, if a taxpayer does not pay the appropriate amount in taxes and steadfastly refuses to do so, the government has the right to confiscate and sell his/her property until it takes in what the taxpayer owes. An investor may buy a tax lien from the government.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

tax lien

(1) A statutory claim on specific real property for ad valorem or other property taxes; the lien is automatic and nothing regarding a particular property needs to be filed.The tax lien has priority over all other liens—even a mortgage filed before the taxes became due.(2) A claim on all real property of a taxpayer within a certain geographical area, usually a county or parish, because of unpaid federal or state taxes. The lien attaches when the lien documents are filed with the local recording office,and not before.Even though an IRS lien does not take priority over a prior-recorded mortgage,a mortgage lender who fails to give proper foreclosure notice to the IRS may find the property still subject to the lien,even after foreclosure.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
East Stroudsburg, PA, July 08, 2019 --( Tax lien investing expert, Joanne Musa of has just released a new tax lien investing kit, available now for only $47.
Because the IRS did not receive proper notice as required by the statute, the tax liens were not discharged by the nonjudicial foreclosure sale, and they remained on the property.
1st Commercial Credit is able accommodate clients with tax liens pending a payment plan and subordination.
Matter of Taste Inc., $37,179.07 in federal tax lien filed Aug.
'Petitioner's motion to lift notices of tax lien annotated on properties registered in the name of petitioners is held in abeyance until the termination of the preliminary hearing,' the tax court said.
Tax lien expert Don Sausa presents The Complete Guide to Real Estate Tax Liens and Foreclosure Deeds, a guide for lay readers of modest means and up to investing in a secure market favored by the rich--government tax auctions, in which tax lien certificates and tax deeds are sold for pennies on the market value dollar.
IRS exercises this power when it files a federal tax lien against the property of a taxpayer.
Federal tax lien payoffs and real estate tax liens, however, should be worked on in conjunction with the title agent.
The IRS had mixed success in advancing the position that its secured claim includes the value of a debtor's interest in a pension plan subject to a Federal tax lien (compare In re McIver, 255 BP.
The district court, however, sided with the IRS and ruled the tax liens were valid and Rohn's disclaimer was fraudulent.
Municipalities look for swift answers to this problem in order to meet the needs of the taxpayers they serve, and for many, the answer has become increasingly clear--privatization of delinquent tax liens.