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  • 2021-04-27 (xsd:date)
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  • Yes, Foxconn is the largest taxpayer in Racine County (en)
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  • Foxconn made headlines again after Gov. Tony Evers brokered a new deal with the technology giant that will create fewer jobs in Wisconsin but involves far less in taxpayer incentives. Under the new agreement , approved April 20, 2021 by the Wisconsin Economic Development Corp. board, the company would create 1,454 jobs and invest $672 million by 2026 in exchange for a maximum of $80 million in tax credits. State officials expect to pay Foxconn up to $37 million over the next two years. The plan dramatically scales back promises of 13,000 jobs and $10 billion in investment negotiated under former Gov. Scott Walker, A Republican, that would have cost the state nearly $3 billion. But the proposed LCD manufacturing facility in Mount Pleasant never came to fruition, and the company now seems to be shifting its focus to create a wider range of products on that campus. Ahead of the announcement , state Sen. Van Wanggaard, R-Racine, touted Foxconn’s relationship with Racine County and Mount Pleasant. It is the largest taxpayer in Racine County, and employs hundreds of people, he said in an April 19, 2021 statement. It remains a nucleus for our area and economic development. That first point caught our eye — is Foxconn the largest taxpayer in Racine County? Let’s dig in. Foxconn’s tax impact When asked for evidence to support Wanggaard’s claim, his chief of staff, Scott Kelly, pointed to lists that rank the highest property taxpayers in Racine County and noted the statement should have specified property taxes. That said, the county does not collect other taxes such as a sales or corporate tax, according to county spokesman Mark Schaaf. So, by default, property taxes are the only ones in play. Foxconn did indeed top that list in 2020, with a $5 million property tax bill for land with an assessed value of over $260 million. The next highest taxpayer, SC Johnson, paid the county $2.2 million in 2020, while BCore Corridor and All Saints Medical Center paid roughly $1.8 million and $1.1 million, respectively. Foxconn ranked third in 2019 when it paid nearly $1.1 million in property taxes, but Schaaf said more development had occurred on the land since the previous assessment. Meanwhile, the company will continue funneling money to local governments through a tax-increment financing district in Mount Pleasant. Foxconn must make TID payments starting in 2023 based on a minimum valuation of $1.4 billion — even if the actual dollar value ends up being lower. Schaaf said that will amount to about $30 million a year. The company also pays a $7.3 million special assessment each year. Our ruling In a statement, Wanggaard said Foxconn is the highest taxpayer in Racine County. The company did have the highest property tax bill in 2020 and cracked the top three in 2019, before some recent construction occurred. Wanggaard did not specify property taxes in his statement, but those are the only taxes that the county collects. We rate this claim True. (en)
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