Definition of "Tax lien"

Kimberly Muncy real estate agent
Kimberly Muncy, Real Estate Agent Coldwell Banker Heritage

Claim made by a federal or local government agency against a taxpayer's property for delinquent or overdue taxes. The tax lien is effected through tax assessment, demand, and failure to pay. In some cases, a lien may be applied to property held by a third party. One the taxes are paid, the lien is released.

 

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