With 10-year cap on appraised value for Samsung facility approved, Taylor calls for hearing for reinvestment areas for more than 1,100 acres
During the September 9 meeting of the Taylor City Council, a public hearing will be held for the establishment of the No.8 Tax Abatement Reinvestment Zone and the No.8 Tax Increase Funding Reinvestment Zone. ° 2, which would cover 1,187.5 acres of property consisting of 35 separate parcels of land south of the highway. 79 and west of FM 973. (Courtesy Town of Taylor)
Taylor City Council has called a public hearing to establish Chapters 311 and 312 investment zones on more than 1,100 acres of property.
Both are similar to the demand for Chapter 313 value that Taylor ISD received from Samsung in July for its $ 17 billion semiconductor manufacturing plant that would employ 1,700 people. The deal received support from the Texas Comptroller of Public Accounts on August 20 and paved the way for Samsung to potentially receive $ 314 million in tax savings over a 15-year period, capping the estimated assessed value for maintenance and operations of TISD for ad valorem tax purposes. to $ 80 million per year for 10 years from 2024 to 2033. Samsung in the application files said that without the estimated value limitation price, the company would likely locate the project in Arizona, New York or South Korea. South.
During the September 9 meeting of the Taylor City Council, a public hearing will be held for the establishment of the No.8 Tax Abatement Reinvestment Zone and the No.8 Tax Increase Funding Reinvestment Zone ° 2, which would cover 1,187.5 acres of property consisting of 35 separate parcels of land south of the highway. 79 and west of FM 973. The property is located within the extraterritorial jurisdiction of the Town of Taylor. However, no name of an entity, such as a business or a claimant, is attached to any notice of hearing.
Chapter 311 agreements allow a jurisdiction such as a city or county to issue bonds or notes to finance the redevelopment of degraded, unproductive, or undeveloped land with the intention that those funds will be paid by property taxes ad valorem. These types of agreements require commitments to increase the tax rate to pay for the improvement of an area, depending on the texas controller. There is another TIRZ in the area which was established by the town of Taylor in 2005.
Likewise, the Chapter 312 Zone of Reinvestment Funding Tax Increases # 2 would allow the city to reduce ad valorem property taxes for landowners. This means that the homeowner could be reimbursed or exempt from paying a portion of their property taxes to the city.
The location of the facility has not been disclosed. However, in order for the proposed facility to receive tax incentives from all jurisdictions in the region, the Chapter 311 and Chapter 312 agreements could be filed by the company.
The Taylor Economic Development Corp., which facilitates incentives and helps develop industrial property in the town of Taylor, did not respond to requests for comment.