What does it mean when you receive a notice on your door that the place you rent has been tax levied?
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What does it mean when you receive a notice on your door that the place you rent has been tax levied?
Yesterday, a notice was put on our door from the county sheriff’s office that the IRS as put a tax levy on the condo that we have been renting now for 3 months now. I am shocked because when I got on-line and researched what exactly a tax levy is, it made me sick to my stomach. The letter said that if they owner does not pay what is owned, the property would be sold in 2 months. What can we really do at this point or What should we start planning for?
Asked on April 6, 2011 under Real Estate Law, Georgia
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
There really is nothing that you can do: if taxes are not paid, the government has the right to foreclose on the property and sell it; if that happens, that will terminate your tenancy--the new owner will not be obligated to honor your leases with the then-former owner. It is certainly possible that you can negotiate new leases with the new owner, you can't count on it.
Therefore, you should prepare yourself for having to move out, though fortunately, the time line is fairly long: first the property must be taken; then it must be sold; then the new owners must decide they want you out and begin eviction proceedings; and under some laws, you may be able to get another 90 days past that. The whole process could easily taken 6 - 12 months.
Also note: if your finances permit, you may be able to bid on the property at the sale and potentially purchase it yourself.
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