Tax Man Cometh: Moving Seven Foreclosed Properties Back onto the Greenwich Tax Rolls
- 6 hours ago
- 2 min read
The Town of Greenwich recently took title to seven foreclosed properties. Because these are now town assets, selling them isn't as simple as calling a realtor. It triggers a formal "disposal of municipal assets" process. This week, the Board of Selectmen (BOS) voted 3-0 to refer these properties to Planning & Zoning (P&Z) for Municipal Improvement (MI) status.
The List of Properties
The Town of Greenwich obtained title to these 7 parcels over the past year through tax lien foreclosure judgments. They range from small residential lots to larger "leftover" parcels:
Mortimer Drive (off Edgewater Drive in Old Greenwich)
31 Heusted Drive (off Edgewater Drive in Old Greenwich)
Greenwich Cove Drive (Two separate parcels off Shorelands Place in Old Greenwich)
Old Farm Lane (Two separate parcels off Hillcrest Lane in the North Mianus area)
0 Eugene Street (off Byram Shore Road, near I-95)
The Process Ahead
Think of the MI referral as the Town’s "right of first refusal." Before a parcel is sold to a private developer, P&Z must determine if the land has a public use. Could it resolve a long-standing drainage issue? Does it offer an easement for a future sidewalk? Could it become a "pocket park" or even be used for affordable housing? If P&Z gives the green light (the MI status), the land is cleared for sale.
Once P&Z finishes its review, the BOS will establish minimum bid prices based on new appraisals. You won't see these on the MLS initially; the Town will likely issue a formal RFP (Request for Proposals) or a legal notice in the newspaper to solicit sealed bids. No real estate agents will be used, saving the town commission fees but putting the burden on the Town's Purchasing Agent to find the best deal.
Why is this happening?
The Town of Greenwich is not in the business of flipping houses. Usually, the Town waits long enough to see if the situation resolves itself.
The Debt Gap: Often, these properties carry tax debts and interest that exceed their actual market value, making them unattractive to third-party bidders at a standard tax auction.
Judgment of Foreclosure: After a year of prosecution, the Town finally moved to take the title to clear the books and get these properties back onto the tax rolls under new ownership.
Between the Lines: While 7 properties in one year might seem high, it’s more likely a "housekeeping" move by the Town Legal Department to clear a backlog rather than a sign of a real estate crash. However, it is a reminder that even in Greenwich, not every property is a "sure thing"—especially when the tax man comes calling.