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LSDefine

Simple English definitions for legal terms

tax sale

Read a random definition: clear chance

A quick definition of tax sale:

Tax sale: When someone doesn't pay their taxes, the government can take their property and sell it to get the money they're owed. This is called a tax sale. They usually sell the property at an auction, and the money from the sale goes towards the unpaid taxes. If the person pays the amount owed within a short time, they can get their property back. Sometimes, instead of selling the property, the government sells a lien on the property to a creditor, and the property owner has to pay them back with interest to cover the unpaid taxes.

A more thorough explanation:

Definition: Tax sale is a way for the government to collect unpaid taxes by auctioning off a person's property or liens on their property. This usually happens after the taxpayer has fallen behind on their tax payments.

The most common type of tax sale is when the government sells the actual property in a public auction. The money from the sale is used to pay off the unpaid taxes, and any remaining money goes back to the taxpayer or their creditors. The taxpayer usually has a short period of time to pay the buyer the amount they paid at the auction and regain ownership of the property.

Another type of tax sale is called a tax lien sale. In this type of sale, the government sells a lien on the property to a creditor. The property owner then has to pay periodic installments and interest to the lien holder to cover the unpaid taxes.

For example, if John owns a house and falls behind on his property taxes, the government may hold a tax sale to collect the unpaid taxes. They could sell John's house at a public auction, and the money from the sale would go towards paying off the unpaid taxes. If there is any money left over, it would go back to John or his creditors.

Another example would be if Sarah owns a piece of land and falls behind on her property taxes. The government could hold a tax lien sale and sell a lien on Sarah's property to a creditor. Sarah would then have to make periodic payments to the creditor to cover the unpaid taxes.

These examples illustrate how tax sales work and how they are used by the government to collect unpaid taxes.

tax return | Tax shelter

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Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
Minus those random R decisions from UMN yesterday though right? I wonder what happened there. I don’t think I’ve seen a school start the season out with anything but As on here
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