Those rascals at Foxconn are at it again. This time they’re arguing that their Green Bay property is actually worth less than what the city has assessed and are planning to go to court. Foxconn would certainly never try to pull a fast one like that, would they?
Here’s Five Fast Facts about FoxConn’s latest shenanigans:
- 🏢 Promises, Promises - Foxconn bought the building in 2018 for $9.25M. They said they would use it as an Innovation Center, promising it would bring hundreds of jobs to the area.
- 💼 Is It Worth It? - The city just assessed it at $8.4M. Foxconn said “nuh-uh, it’s worth $5.1M” and they’re going to court. If they get their way, they’ll save close to $47,000.
- 🏗️ You Are Not Alone - However, there’s a plot twist! Foxconn wasn’t the only property owner to call BS on their own assessment! The city has revalued all property for the first time in 18 years for state compliance. Those valuations are higher than what some are used to.
- 📈 Tax Man - The property value increases allow the city to decrease its tax rate by 20%, but that doesn’t mean you’re going to see reduced taxes, since the mayor’s budget includes a substantial spending increase.
- 🏨 Running on Empty - Foxconn does have several tenants in the building and said they maybe could kind of sort of possibly use that building for something in the near future. Just you wait.
🔥Bottom line: Look, Foxconn is scum and the result of a political stunt with the instigators walking away scot-free (no pun intended). Punishing them would be fun, but the catch is that the law may very well be on their side in this instance. We’ll have to see how it plays out. But as usual, Foxconn is gonna Foxconn.
What do you think of Foxconn’s valuation?
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