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Joint District Tax Levy Summary FP 8b FY2012 Joint District Tax Levy Summary FP 8b FY2012 Form
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People also ask
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What is the disadvantage of a tax lien?
Tax Liens Can Expire Many have an expiration date after the end of the redemption period. Once the lien expires, the lienholder becomes unable to collect any unpaid balance. If the property goes into foreclosure, the lienholder may discover other liens on the property, which can make it impossible to obtain the title.
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What is the purpose of a tax lien?
A tax lien is a legal claim against the assets of an individual or business that fails to pay taxes owed to the government. In general, a lien serves to guarantee payment of a debt such as a loan, or in this case, taxes. If the obligation is not satisfied, the creditor may proceed to seize the assets.
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What is a tax levy in Illinois?
A tax base is composed of the equalized assessed value of locally assessed property, less any homestead exemptions, plus the value of any State-assessed property. A levy is the amount of revenue a taxing district wants to raise through property taxes.
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What happens when the IRS puts a lien on you?
A federal tax lien comes into being when the IRS assesses a tax against you and sends you a bill that you neglect or refuse to pay it. The IRS files a public document, the Notice of Federal Tax Lien, to alert creditors that the government has a legal right to your property.
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What is a tax lien or levy?
A lien secures the government's interest in your property when you don't pay your tax debt. A levy actually takes the property to pay the tax debt. If you don't pay or make arrangements to settle your tax debt, the IRS can levy, seize and sell any type of real or personal property that you own or have an interest in.
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What happens when the IRS puts a levy on you?
An IRS levy permits the legal seizure of your property to satisfy a tax debt. It can garnish wages, take money in your bank or other financial account, seize and sell your vehicle(s), real estate and other personal property.
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