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LSDefine

Simple English definitions for legal terms

tax sale

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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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that might be too much
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can we see ur mod badge?
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just for u sweetie pie
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woah so much swagger with dat 'm;
Dkk
15:47
@shaquilleoatmeal: more like, blow my back out by the bay boston instead of back bay boston.
Dkk
15:48
Indeed, the legendary man himself.
15:49
I would go to blow my back out by the bay boston
15:50
lift with ur back not your legs, its better to have a blown back than two bad legs
CynicalOops
15:53
Blow and back day out by boston bay
15:59
so true
Dkk
16:03
Of course. Man sad Ricky Henderson died. That was my favorite athlete of all time.
windyMagician
16:10
is it dumb that I rlly want to go to Mich even tho I have a full ride to umn
16:12
no-value as a consumer often means more than the price
Dkk
16:15
@windyMagician: Nah michigan is better than UMN
Dkk
16:15
My sister just officially graduated, yay!
16:16
awesome @Dkks sister
16:16
prolly named veronica or sarah
windyMagician
16:16
@Dkk: for public defense tho?
windyMagician
16:16
Sarah in the bathroom
texaslawhopefully
16:17
@windyMagician: not at all. Michigan is also very generous with aid, so if you get enough it makes perfect sense to take it.
windyMagician
16:17
fuck okay
windyMagician
16:17
going to my dream school is crazy
michigan also has better options if you do PD for 10 years then want to do something else
windyMagician
16:19
also would love to clerk for my federal district court even tho I know its hella competitive, I think mich sets me up better?
16:20
would be a great point to bring up when ur deciding / visiting each place- see what recent placement looks like
texaslawhopefully
16:23
For fed clerkships by far Michigan places better. I think it’s like 14-15 percent
windyMagician
16:25
sticker debt is high-key scary tho
texaslawhopefully
16:26
I’m sure you’ll get good merit aid though. Look at Michigan’s 509 report. They’re very generous.
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