20:49
THATS SO FUNNY
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
tax redemption
Read a random definition: Consolidated Omnibus Budget Reconciliation Act (COBRA)
A quick definition of tax redemption:
Tax Redemption: When someone doesn't pay their taxes, the government can take their property to pay off the debt. Tax redemption is when the person pays the overdue taxes, plus any extra fees, to get their property back. It's like buying back something that was taken away because you didn't pay what you owed.
A more thorough explanation:
Definition: Tax redemption is the act of recovering property that was taken for nonpayment of taxes by paying the delinquent taxes, interest, costs, and penalties.
For example, if a homeowner fails to pay property taxes, the government may seize the property and sell it at a tax sale. The homeowner can redeem the property by paying the delinquent taxes, interest, costs, and penalties within a specified period. This allows the homeowner to regain possession of the property.
Tax redemption is important because it provides a way for taxpayers to recover their property without losing it permanently. It also ensures that the government receives the taxes it is owed while protecting taxpayers from losing their property at a price far less than its value.