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LSDefine

Simple English definitions for legal terms

tax sale

Read a random definition: deficiency dividend

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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NosyBeagle
15:42
@AngryMiniCar: LMAO i wish
NosyBeagle
15:43
@bigfatsloth: good luck. ily! (had to click on wake forest to see where that is)
NosyBeagle
15:47
trying to force myself to do a third set of drills. Im kinda tapped out in the brain department
15:50
pro tip: wake forest is not in wake forest, nc
15:50
dont get lost when moving
anyone else going to school in their current city?
AngryMiniCar
16:00
@NosyBeagle: take a hard nap you deserve it
NosyBeagle
16:02
can't. I'm at work ):
NosyBeagle
16:02
thanks tho
AngryMiniCar
16:29
lmaoooo studying on company dime???
AngryMiniCar
16:29
Me too tho
AngryMiniCar
16:29
Lol
NosyBeagle
16:41
yep. there's nothing else to do
AngryMiniCar
16:42
My boss went out on vacation
AngryMiniCar
16:42
And thought he told me but he forgot.... :') So now I've got virtually nothing to do
16:45
@bigfatsloth: an early welcome to north carolina :3 i will NOT be joining you in the forest unfortunately
NosyBeagle
16:47
lol same but the second in command gives me tasks
NosyBeagle
16:47
none today tho
NosyBeagle
16:47
it's almost 4pm and i play nyt sudoku at 4pm and i am thrilled. this is my life now
globalcitizen
17:22
Waitlists serve as little gestures to aa era on the way out
globalcitizen
17:22
That’s nice
ParallelAgreeableOrangutan
17:34
To what?
Anyone get uva feeler/auto email about waitlist
ParallelAgreeableOrangutan
18:28
I got the email. Based on the language in the email, I'd be surprised if many feelers were going out
I mena, the same is true for all of them lmfao WL =R
ParallelAgreeableOrangutan
18:51
That's demonstrably not true. I've gotten feelers and others in this chat have as well. Not sure why you're asking questions when you clearly aren't interested in the answers
hello
19:22
hey yall
ParallelAgreeableOrangutan
19:25
Hi llama!!
21:15
@ParallelAgreeableOrangutan: How are you!
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