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Norwalk tax sale yields $5.1 million for city coffers

This property belonging to Jacob J Kozar Jr. & Debra Jane Kozar & Betts Island Oyster Farm LLC II had a minimum bid of $61,650 and sold for $150,000.
This property at 0 Betts Island had a minimum bid requirement of $61,650 and sold for $150,000.

NORWALK, Conn. – Norwalk’s biennial tax sale ran the gamut Monday, from in-demand properties that drew high bids to some apparent bargains to some properties that drew no interest at all.

Some of the properties drew bids eight to 10 times what was owed in back taxes. A property at 14 Oakledge Circle with a minimum bid of $35,345 required went for $250,000. A property at 4 Hawkins Ave. with a minimum set at $27,245 brought $254,000. A property at 234 East Ave. with a minimum bid of $28,730 went for $255,000.

Then there were deals, like 0 Betts Island, with a minimum bid of $61,650 that went for just $150,000, and 68 S. Main St., with a minimum of $34,517, that was taken for $90,000.

There were originally in excess of 225 properties in the sale, which the tax collector’s office has been working on since November 2013. As of Monday afternoon – the day of the sale – there were 20 properties plus 55 boat slips left to sell. About $4.6 million had already been collected on the other properties, which were all paid in full except for one, which was removed from the sale because the owner filed for bankruptcy, according to a statement emailed by Tax Collector Lisa Biagiarelli.

Of the 20 regular properties remaining, 14 sold, yielding for the city an additional $565,238 in taxes. That brings the total collected through the tax sale endeavor to $5,158,897.

“The collection of more than $5.1 million in back taxes makes this tax sale successful,” Biagiarelli said. “The tax sale is the city of Norwalk’s primary means of collection enforcement for past due real estate taxes. A high current and back tax collection rate results in a more stable budgeting process, and lower mill rates, which equates to tax relief for every Norwalk taxpayer.”

The city keeps the amount of the back taxes, then pays the rest to any lien holders and, finally, the delinquent property owner.

Successful bidders have until Friday to pay their bid amounts in full or they will lose their $5,000 deposit. There were approximately 50 registered bidders at the sale.

The sale was adjourned on three properties that either drew no bidders, or an amount less than the city was willing to accept was bid. Those three properties will be sold at a later date, or the city will pursue other collection options. The city bid in to accept three properties in lieu of taxes. On those three properties taken by the city, there were no bidders.

Of the 55 boat slips offered for sale, only three sold. The sale was adjourned on the other 52.

The tax sale was conducted by the staff of the Norwalk tax collector’s office.   City employees had assistance from the assessor’s office staff as well as tax collector colleagues from several other Connecticut towns. This was the City’s sixth tax sale since 2003. In total, these tax sales have yielded in excess of $24 million in back tax collections.

Comments

2 responses to “Norwalk tax sale yields $5.1 million for city coffers”

  1. Norewalk Lifer

    No, not good, a clear sign of a crumbling city

    Regards
    Norwalk Lifer

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