Over the last few years, the number of properties in New York with a lien attached to it has increased, and more people showing their interest in buying liens certificates. The New York City Tax Liens rules are strong and you possibly need the help of a good lien lawyer to understand it better.
Most of you might don’t have much information about the lien and might be wondering what exactly it is? To make you clear tax lien is a term given to the property or premises on which required taxes were not paid by the property owner. Lien is imposed on the property by the respective tax authority of the area or county. Under property that is attached to the lien neither could be sold nor could be purchased.
What Is a Lien Certificate?
When the lien is issued on any property the respective tax authority of area issues a lien certificate on the property. A lien certificate contains the amount of the valuation of the property along with the taxes and penalties overdue on it. Investors were called for the auction of the lien property.
The NYC Tax Lien Auction is the process in which Investors who bid the highest amount on the property shall be granted property rights. Without buying a tax lien certificate you cannot bid on any property. Tax lien certificate could be bought only for few dollars for small properties but you possibly need to pay higher prices for big properties or prime properties.
Is Tax Lien Could Be Released?
Another big question among the property owners is that is tax lien could be released from the property? If this is also your question then the answer is yes. Tax lien could be released from the property fulfilling norms and conditions lived by the federal tax authority.
Here Are Some of The Outlines of the Conditions Required To Release Lien On The Property
Any taxpayer with an expiring ITIN should file a completed renewal application as soon as possible. All required identification and residency documents must be included in the application. If this information is incomplete or missing from an application, the IRS will delay processing the application until it receives these documents.
ThorGood Law Firm offers IRS Interest Abatement, and IRS Instalment Agreement Payment to its clients through its experienced team that has a cumulative experience of more than a century. Our team is professional in their work and courteous in their approach.
Get every latest update related to IRS regulations and tax laws in order to run the business without any issue by hooking up with the best New York City tax lawyer of Thorgood Law Firm. We offer prompt and personalized tax legal counsel your tax problems and help with Levis, Liens, Wage Garnishments, Audits, Penalty Abatements, Property Seizures, Delinquent Tax and more.
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