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LSDefine

Simple English definitions for legal terms

tax sale

Read a random definition: compensatory time

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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HopefullyInLawSchool
16:06
it means you will not be rejected today and may be accepted or WL in the future
Just got my Michigan rejection
BookwormBroker
16:10
same
RoaldDahl
16:10
@HopefullyInLawSchool: what if i already got rejected. does it mean anything
HopefullyInLawSchool
16:12
@RoaldDahl: Likely not however it could mean nothing
RoaldDahl
16:15
So if it means nothing does that mean something?
HopefullyInLawSchool
16:17
Possibly
RoaldDahl
16:26
Cool
RoaldDahl
16:26
thank you!!!! i hope it means something
pinkandblue
16:31
fart
IrishDinosaur
16:36
Mich R gang lesgooo
Did anyone else get that random get to know nova email?
HopefullyInLawSchool
17:21
Ya it was sent to all YM applicants
starfishies
17:37
Anyone get the NDLS email inviting you to apply for something even though they haven’t made a decision on your app yet
17:38
Better yet I got the email and I was rejected last month
starfishies
17:38
Wtf
starfishies
17:39
and the deadline is in like a week what is this
any cardozo movement?
BatmanBeyond
18:01
Sent a LOCI via portal, but I'm wondering if email would have gotten me a swifter response
BatmanBeyond
18:02
This whole hold/wait-list/reserve system is a headache
loci already?
BatmanBeyond
18:09
If the odds are like 1-2% I don't think it matters much by the numbers
12:11
I got the same NDLS email
OrangeThing
12:18
I think the user profiles are broken
19:29
Any word out of Notre Dame?
19:29
Only the invitation to apply for LSE
19:29
Anyone received a decision from NDLS?
19:50
when did u guys apply that just heard from umich? they havent even glanced at my app yet
0:30
how am i supposed to spy on people when profile links are broken?
Right. Broken links smh
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