Last week, at a meeting of the Mount Pleasant Village Board, we received confirmation of what I have long known would be a fact: Foxconn Technology Group (Foxconn) will be the largest single taxpayer in the entire Village of Mount Pleasant. The property owned by Foxconn has increased in value by nearly $50 million in just one year. Though details like mill rate aren’t worked out yet, estimates put Foxconn’s 2019 property tax bill at nearly $1.2 million.
It should be celebrated that at this very early stage in the project’s development, we’re already seeing Foxconn creating significant incremental value. But, to be clear, this is just one milestone toward the company’s commitment to create $1.4 billion in valuation by 2023. It is evidence that, even in this early stage of development, its well on its way.
And Foxconn isn’t the only one seeing an increase in property value. As our village assessor shared with The Journal Times recently, it has been “a pretty extraordinary year” for real estate throughout the entire village.
It reflects the confidence in and attractiveness of investing in our community. It has been a busy year for the Village Board as we have considered, and in many cases, approved, proposals from developers for housing projects, medical facilities, hotels and more. That means even more value created, both on previously undeveloped land, and on their neighboring parcels. And I am confident you can expect to see more of the same in the coming years. We will see more investments from current and new businesses and organizations, and we’ll see continued investment by Foxconn.
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Specifically, Foxconn’s land will continue to increase in value as key elements of the Wisconn Valley Science and Technology Park are constructed and put into operation. In fact, just this week, Foxconn announced bid awards for the start of vertical construction on its Gen6 advanced manufacturing facility.
It’s a great thing when property values go up. It means higher values for village residents interested in selling their homes and it means higher valuation for local businesses. But, let’s address one misconception. An increase in property value does not equate to an increase in property taxes. Property taxes are a part of budget considerations, which will happen this fall.
From day one, we have known the Foxconn project would be a great opportunity for our village. With land acquisition complete (other than what may be needed for roadway improvements), Foxconn is primed to continue the build out of its one-of-a-kind manufacturing campus, creating even more value in our community and drawing residents, workers and businesses alike to our little corner of southeastern Wisconsin.