MOUNT PLEASANT, Wis. – Monday night, Claude Lois, Project Director for the Village of Mount Pleasant, provided Village Board members with an update on the status of Foxconn Technology Group’s development in the Village.
“With tax payments projected at approximately $5 million for 2020, Foxconn is now projected to become the largest taxpayer, not only in the Village of Mount Pleasant, but in all of Racine County,” said Lois.
Foxconn’s property in Area 1 is assessed at $273,885,500, as of January 1, 2020, an increase of more than $216 million since January 1, 2019. As a result, Foxconn’s property tax payment is projected to increase from $1,152,324 in 2019 to $5,097,009 in 2020.
In addition, Foxconn will also make its next Special Assessment payment of $7,324,841 as part of its continuing payments that cover the cost of all land acquisitions in the project area. Both the property tax payments and Special Assessment payments are due no later than January 31, 2021.
Later this year, the Village will convey additional parcels in Area 1 to Foxconn, totaling approximately 154 acres and enabling the value of that land to be included in the tax assessment for 2021. Foxconn is obligated to develop that land within two years of conveyance. Its specific plans for those parcels will require separate approval by the Village.