RELEASING A WARRANT
We must release your warrant if any of the following occur: (1)You pay the tax, penalty, and interest that you owe. (2) The time for collection (statute of limitations) expires before the warrant is served.
NOTE: If you and the Division of Revenue agreed that a current warrant would continue while installment payments are made, we will not release it.
The Division of Revenue determines that the warrant is creating an economic hardship. The fair market value of the property exceeds the warrant and releasing part of the seized property would not hinder the collection of tax.
SEIZURES AND SALES
If you do not pay (or make arrangements to resolve) your tax debt, we may seize and sell any type of real or personal property that you own or have an interest in (including residential and business property) to satisfy your tax bill. Seizure of a primary residence requires the approval from the Division of Revenue Director.
If we seize your property, you should contact the Division of Revenue employee who made the seizure or warrant for assistance
WHEN PROPERTY CANNOT BE SEIZED
We may not seize any of your property when the estimated cost to seize and sell the property is more than the fair market value of the property. In addition, we may not seize or warrant your property on the day you attend a collection interview.
However, we can seize or warrant your property on this date if collection of the tax is in jeopardy.
You may contact the Division of Revenue employee who made the seizure or warrant if you have any questions.
You have a right to an administrative review of our seizure action when we have taken your personal property that you need to maintain your business.
NOTICE OF PROPOSED SALE
After we seize your property, we must give public notice of a pending sale. Public notice usually appears in a newspaper that is published or circulated in the county where the sale will be held. We will personally deliver the original notice of sale to you or send it to you by certified mail. After we give notice, we must wait at least 10 days conducting the sale.
However, if the property is perishable and must be sold immediately, we are not required to wait 10 days before holding the sale.
Before the sale, we will compute a minimum bid price. This is the lowest amount that we will accept for the sale of the property to protect your interest in that property. We will tell you the minimum bid price we set, which is usually 80% or more of the forced sale value of the property, after any liens are subtracted.
If you disagree with this minimum bid price, you can appeal it by requesting that the price be recomputed by either a Division of Revenue valuation engineer or a private appraiser who can assist the Division of Revenue engineer. If you still disagree with the revised appraisal, you may obtain a second appraisal.
RELEASE OF PROPERTY
Before the date of sale, we may release the property that we seized from you if you: (1) Pay us the amount of the state's interest in the property; (2) Enter into an escrow arrangement; (3) Furnish an acceptable bond; or (4)Make an acceptable agreement for payment of tax.