Glossary

A Lien Waiver Agreement is a legal document in which a contractor, subcontractor, or supplier renounces the right to impose a lien on the property in exchange for payment. It's crucial in the construction and real estate sectors.

Bankruptcy Discharge of Liens involves the removal of liens on assets when a bankruptcy discharge is granted, impacting tax obligations and financial recovery.

Tax Deed Property Rights determine ownership and usage protocols of properties acquired via tax deed sales, ensuring legal compliance and property management.

The tax foreclosure process is a legal procedure through which authorities seize a property due to unpaid property taxes. It ensures tax compliance and recovery of owed taxes.

Ownership disputes in liens occur when conflicting claims over property ownership affect existing or potential liens. Resolving these disputes is crucial for lien compliance.

Revenue Office Assessment involves evaluating taxpayer compliance and determining tax liabilities to ensure accurate tax reporting and collection.

Local Tax Authorities oversee the administration, collection, and enforcement of taxes within specific regions, crucial for public finance and community services.

Municipal bonds and tax liens play pivotal roles in public finance. While municipal bonds fund public projects, tax liens ensure city revenue from delinquent taxes.

Delinquent Tax Certificate Auctions offer investors the opportunity to purchase tax lien certificates. This process allows local governments to recover unpaid property taxes.

A tax levy and a tax lien both represent serious actions taken by the IRS to secure or collect unpaid taxes, but they function differently in terms of implications and enforcement.