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A tax sale is the forced sale of property (usually real estate) by a governmental entity for unpaid taxes by the property's owner.. The sale, depending on the jurisdiction, may be a tax deed sale (whereby the actual property is sold) or a tax lien sale (whereby a lien on the property is sold) Under the tax lien sale process, depending on the jurisdiction, after a specified period of time if ...
To obtain a lien on real property in the state of Virginia, the judgment creditor must "docket" the lien in the public records office of the city or county where that property is physically located. Once the lien is docketed, the creditor files a "creditor's bill in equity" in that jurisdiction, which will require the chancellor to appoint a ...
Established by the Virginia General Assembly in 1950, [5] the agency is headquartered in Richmond, Virginia and is overseen by the Virginia Secretary of Finance, with day-to-day operations led by a Tax Commissioner appointed by the Governor of Virginia.
A federal tax lien arising by law as described above is valid against the taxpayer without any further action by the government. The general rule is that where two or more creditors have competing liens against the same property, the creditor whose lien was perfected at the earlier time takes priority over the creditor whose lien was perfected at a later time (there are exceptions to this rule ...
According to a news report in mid-August 2011, the museum property has an assessed value of $7.6 million, and delinquent property taxes for the years 2009, 2010, and 2011 amount to just over $215,000. Virginia tax authorities said the property became eligible to be sold as a tax sale on December 31, 2010.
In the paper, Richmond Federal Reserve Bank senior economist Borys Grochulski and vice president of research Zhu Wang argue that the U.S. model for real estate commissions is “puzzling” and an ...