Tax liens (and their cousins, tax levies) are serious business if you owe back taxes
A tax lien is a claim the government makes on your property, including real estate and other assets, when you’re past due on your income taxes.
If you don’t take care of a federal tax lien, a tax levy could come next. A tax levy is the actual seizure of property to pay taxes owed. Tax levies can include things such as garnishing your wages or seizing assets and bank accounts.
It can jeopardize a home sale or refinancing.
Tax liens often surface during title searches. If you have equity in a house you’re trying to sell or refinance, you’ll likely have to use some or all of it to pay your taxes in order to close.
It can cost you a lot of time. The IRS funnels many overdue taxpayers into its automated collection system, or ACS, which can mean spending hours on hold with the call center, some taxpayers might be assigned to a revenue officer, which could mean in-person visits.
Before the IRS can reach you and your family’s peace of mind, give us a call and we can help you cash out and pay any Tax Liens or Levies so you can move forward with a new clean slate.
Do not forget about property Tax Liens
When are property taxes in Arizona due? Property taxes are billed in September and are payable in two installments. The first installment is due on October 1st and delinquent after November 1st on December 31st, full year tax bills become delinquent.
If you don’t pay your property taxes in Arizona, the delinquent amount (including the past-due taxes, interest, penalties, and costs) becomes a lien on your home. Once there is a tax lien on your home, the taxing authority may hold a tax lien sale.
Anybody can pay someone else’s property taxes, Most states have a law, usually identified as “the law of adverse possession,” giving someone the right to pay taxes on tax-delinquent property and, eventually, becoming the legal owner.
Call Best Home Source Solutions today @ 480.332.2270 and together we will find the best customized solution for you