For those of us in Minnesota who don't deal with taxes on an everyday basis, we can sometimes become confused regarding all the different types of taxes that exist. Federal income tax, state income tax, property tax, capital gains tax, unemployment tax, sales tax, franchise tax, excise tax and deed transfer tax -- to name a few.
When taxes are not paid, a governmental entity that is owed the taxes has a number of tools at its disposal. It can garnishee wages. And it can foreclose on or seize property. Taxpayers also have tools at their disposal such as deed in lieu of foreclosure or payment plans.