What is a tax lien?

Answer by  tamarawilhite (17883)

A tax lien is a lien put on the property for non-payment of taxes. For example, failure to pay property taxes could result in a property tax lien against your house. The lien would then have to be paid out of the sale amount of the house before the sale could be completed.

Answer by  slkunz2003yahoocom (836)

A tax lien occurs when you owe the IRS or state revenue office for past due taxes. Tax liens occur after several attempts to collect the back taxes have occurred. A tax lien gives the IRS partial ownership over your property, up to the amount of the lien.

Answer by  bonnie56 (359)

A tax lien is imposed on a property by law in order to secure the payment of missed taxes. The taxes can be on income taxes, real estate, etc.

Answer by  BrianSJ (524)

A tax lien is a restriction based against property, used to settle tax debt. The property cannot be sold or reassigned until the lien is paid off.