All state with tax lien certificate

The Secretary of the Louisiana Department of Revenue is authorized to release part of the property subject to a Louisiana property tax lien if the interest of the state in the part to be released has no value.

Prior to amendment, a lien could be released on any part of the property subject to any lien if there was paid over to the secretary, in part satisfaction of the liability, an amount that was not less than the value of the interest of the state in the part to be released. The law did not specify, however, how liens were to be released without payment if the state's interest in the property had no value.

Under the law as amended, in determining the value of the interest of the state in the part to be released, the secretary must give consideration to the value of the part and to all prior ranking liens or other encumbrances existing on the part to be released.

The certificate of release must be on a form prescribed by the secretary and must be accepted by all filing officers.

All fees or costs associated with the release of a lien will be assessed against the taxpayer. (Act 56 (H.B. 1123), Laws 2004, effective May 21, 2004.)

Copyright CCH Incorporated: Federal and State Tax Jun 8, 2004
Provided by ProQuest Information and Learning Company. All rights Reserved