MOUNT PLEASANT — When property owners in Mount Pleasant receive their tax bills from the village late this year, they’ll have some big company — Foxconn Technology Group, which is expected to become the village’s largest taxpayer, the Journal Times reported.
Claude Lois, Foxconn project director for the village, updated the Village Board last week and noted that Foxconn property is now assessed at $57,565,400 in Area I. That is an increase in value of $49.2 million over the same parcels in 2018.
Area I sits north of Highway KR, south of Braun Road, west of Highway H and east of Interstate 94.
If the tax rate stays the same as last year, the village would collect $1,152,324 in property taxes from Foxconn this year.
The revenue on that increase in value is set to be used to pay for infrastructure work done within the Wisconn Valley development area.
The assessment on the base value will be distributed to several taxing entities including the village, county, Gateway Technical College and Racine Unified School District.
“Since the beginning of this project, we have been confident that this development would be an incredible opportunity for our village,” said Village President David DeGroot in a news release sent Wednesday. “Recent assessments show that the village is beginning to reap the financial benefits of this opportunity.”
The village has yet not set a budget or a tax rate for the coming year.