An Income Tax Lien is a legal claim imposed by a government entity against a noncompliant taxpayer's property due to unpaid income taxes. This lien can pertain to both real and personal property.
An involuntary lien is a legal claim against a property that is imposed without the owner's consent to secure the payment of debts such as unpaid taxes, special assessments, or other obligations.
A tax deed is an instrument given to a grantee by a government that has claimed the property due to unpaid taxes. It legally transfers ownership of the property from the government to the buyer at a tax sale.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.