The town will hold onto a parcel of tax-acquired property on Newbury Neck, at least for now.
Selectmen had advertised the nearly six-acre parcel for sale by sealed bid and were scheduled to open the bids at their Tuesday, August 6, meeting. The only hitch was that there were no bidders.
The three selectmen balked at rebidding the property.
“We’re just spending good money to advertise it,” Selectman Bill Matlock said.
He suggested that the town keep the parcel until the market improves.
“We wouldn’t be doing our fiduciary responsibility if we sell it low,” he said. “We don’t need to reduce the price.”
The property is located on the Coggins Farm Road off Newbury Neck Road and is valued by the town at $87,000. The selectmen had required a minimum bid of $30,000 for the parcel.
Chairman Steve Bemiss noted that if the town holds on to the land, it will remain off the tax lists. But that, he said, is not a problem.
The property was recently acquired by the town due to foreclosure for non-payment of taxes. The amount owed on the property is $2,517, including taxes and fees dating back to 2011.
Although there is a shed on the property—valued at $400—the land is considered undeveloped land. There was some question whether the town needed to insure undeveloped land or if the property was already included in the town’s liability insurance. Town Treasurer Tom Welgoss will check on that and report back to the selectmen.