Glossary

Lien priority is the order in which creditors get paid back when someone owes money, especially when there are multiple debts on the same asset, and is a crucial aspect of understanding financial security. This order determines who gets paid first, second, and so on.

The redemption period is the time frame an individual has to reclaim property lost due to unpaid taxes. It’s a crucial concept for anyone facing tax-related property seizures.

Tax lien foreclosure is the legal process a government uses to take ownership of a property due to unpaid taxes. It's a serious situation, so understanding how it works is crucial.

A tax lien sale is a process where the government sells the right to collect unpaid property taxes. It's important to understand your responsibilities to avoid losing your property.

A tax lien certificate is a legal document that represents a claim against a property due to unpaid property taxes. It's a way for local governments to recoup taxes, and can also be an investment opportunity for some individuals.

An IRS tax lien is a legal claim by the government against your property when you fail to pay your taxes, and it's crucial to understand how it can affect you. It's basically the IRS's way of securing their right to get paid.

A state tax lien is a legal claim by a state government against your property when you don't pay your state taxes. It can create significant financial issues if left unresolved.

A federal tax lien is a legal claim the IRS makes against your property when you fail to pay your taxes. It’s important to understand what this means for you.

A property tax lien is a legal claim against your property for unpaid property taxes. It's important to understand because it can lead to losing your home.

Form 8453 is a document used when you electronically file your tax return but need to submit certain supporting documents to the IRS. It acts like a cover sheet for those extra papers.