I just had a big chunk of cash taken from the bank and had to get the title to my house repossessed. This wasn’t the first time my house was repossessed, but the third time in my life that I needed to get it back. My daughter wanted to go to college and I decided to sell my house. I figured the equity would go toward her education.
Well, it turns out I was wrong about that. The property is worth a mere $1,000.00 – $1,200.00. I know that sounds like a lot, but I’m not worried about losing my house. The money I paid for the house was used to pay the property tax, so I’ll be able to get the funds back and pay the property tax. I mean, at least I know where I stand now.
You can say the same about other types of homeowner equity that you use to pay property taxes. But if you’re in the real estate business and you’re paying off the property tax on your home with equity borrowed from your lender, you can’t just sell your house and walk away. That’s what the property tax is for. The property tax is a lien on the property and the money the tax is paying into your hands is called a “homestead exemption.
It is important to remember that the tax in question is not a lien. It is a tax on the property. So even if you get a tax lien, your homestead exemption will still be worth less than it was pre-tax, or even after you get the lien removed. In other words, your homestead exemption is just a lien on the property.
Your homestead exemption is your house. The money you are buying your house with is a homestead exemption. So even if you get a tax lien, your homestead exemption will still be less than it was pre-tax, or even after you get the lien removed. In other words, your homestead exemption is just a lien on the property.
This can be confusing, because homestead exemptions are listed on the IRS’ tax return, but the IRS can’t be sure if your homestead exemptions are actual exemptions or liens.
The IRS does know this, but they don’t like to call them exemptions because they imply that the IRS is not actually claiming to be a tax collector. To qualify as an exemption, the IRS needs to prove that you have an interest in, or are receiving a benefit from, the property. So the IRS will not release you from a homestead exemption if you have a homestead exemption in another state.
The IRS is not required to give out homestead exemptions that are not actual exemptions. Once someone has claimed a homestead exemption in your state, you cannot claim a homestead exemption in another state. The IRS cannot get involved in this tax dispute because you are not the rightful owner. But they can look at the homestead exemption forms, and if they determine that your homestead exemption is an actual exemption, they can issue a lien on your property.
A blanket lien is called a “blanket lien” because it’s a lien that is not attached to the property. It is only attached to the real property. The IRS will use this lien to seize your home and any assets you claim in your property taxes.
A blanket lien only works if your homestead exemption is not actual. If you don’t have a homestead exemption, then you don’t get the lien because the IRS cannot get involved.