One more company to move to Plano... (tax, living)

[stargirl007]

I guess it will be interesting to see the impact, but it's hard to see this overall "company move hype" from my perspective and seems to be quite an interesting time for Plano real estate in general.

As someone that's been toying with the idea of listing my home and upgrading a bit to try and shelter some of the continued expected price increases.. housing inventory is absolutely abysmal in West Plano. Even with our prospective budget, it is really a bit of an eye opener for me of how much it really goes. It feels like a large price point to me (at least at this point in my life and being a native Texan), but it really doesn't go very far anymore in the areas we grew up in we are quickly finding.

Many of the homes that we've seen(that look like they have not had any maintenance done (aesthetic or otherwise)) are asking basically the same pricing as a house down the street that recently sold that had been significantly remodeled or otherwise had some major maintenance done.

I had to have a sit down with my husband last weekend and told him if we were serious about moving into our "long-term" home that we should consider opening our search to a larger area. We will probably start opening our search to Lewisville ISD (Hebron/Castle Hills area) and more central Plano as well (Plano Senior zoned). My thought is these are still absolutely fantastic areas, but still close to West Plano restaurants and amenities. Frisco and north is an absolute no-go for us.

I'm sure many others in the market are thinking the same way, because the value of your $ does seem to be more of a night/day difference if you're willing to spread out from Plano itself.

On the other hand, our realtor keeps saying that we should find our next home first and then list our house because it will basically sell like hot-cakes (lower pricepoint homes that zone to WP schools). Yet we've seen a few houses in our neighborhood list recently. Some sell, most are sitting. And we're at a sub ~350-400K price point where you would think people would be falling all over themselves. Me thinks people are a bit eager and listing for more than they would expect to receive to test the waters of the spring market.

Hard to say what will continue to happen.

[iberanon]

Originally Posted by Katana49

That's a huge win for Plano then. Get the tax revenue from a $15-20 billion dollar company and only have 50 employees moving in, so no one will be complaining about too many newcomers to the area.

That's not how it works, not only are we not getting any tax from them, we are paying millions to them for the move, expect your tax to go up again to fund this.

[Katana49]

Originally Posted by iberanon

That's not how it works, not only are we not getting any tax from them, we are paying millions to them for the move, expect your tax to go up again to fund this.

Uh huh.

[EDS_]

Originally Posted by iberanon

That's not how it works, not only are we not getting any tax from them, we are paying millions to them for the move, expect your tax to go up again to fund this.

If you really believe the long term implications of this are negative from a tax perceptive you're just not capable of discussing economics in any reasonable way.

Call it ~50 Plano employees now. These estimates vary but let's assume the 50 jobs will directly cause a net new 15 jobs at other companies (vendors, contractors etc.) and support hundreds (plumbers, electricians, car sales people, doctors, nurses etc). Keep in mind Boeing Global Services is a very new spin off, over time that 50 number is almost certainly going to become hundreds.

All will pay property taxes directly or indirectly through taxes bundled into rents. All will pay local sales taxes.

At this point no one knows the entire incentive package Boeing will receive.

[iberanon]

Originally Posted by EDS_

If you really believe the long term implications of this are negative from a tax perceptive you're just not capable of discussing economics in any reasonable way.

Call it ~50 Plano employees now. These estimates vary but let's assume the 50 jobs will directly cause a net new 15 jobs at other companies (vendors, contractors etc.) and support hundreds (plumbers, electricians, car sales people, doctors, nurses etc). Keep in mind Boeing Global Services is a very new spin off, over time that 50 number is almost certainly going to become hundreds.

All will pay property taxes directly or indirectly through taxes bundled into rents. All will pay local sales taxes.

At this point no one knows the entire incentive package Boeing will receive.

It's the opposite, at this point no one knows the benefits if any at all but we sure knows the multi million tax dollars Boeing will receive.

[EDS_]

Originally Posted by iberanon

It's the opposite, at this point no one knows the benefits if any at all but we sure knows the multi million tax dollars Boeing will receive.

What we know is Plano and the state have experience managing relo. incentive packages. The state requires written employment projections and clawback verbiage for underperformance. Plano as well has a mayor and staffers who understand these things.

_________

Do you support the Toyota deal including incentives?

[ThomasCrown]

Originally Posted by EDS_

If you really believe the long term implications of this are negative from a tax perceptive you're just not capable of discussing economics in any reasonable way.

Call it ~50 Plano employees now. These estimates vary but let's assume the 50 jobs will directly cause a net new 15 jobs at other companies (vendors, contractors etc.) and support hundreds (plumbers, electricians, car sales people, doctors, nurses etc). Keep in mind Boeing Global Services is a very new spin off, over time that 50 number is almost certainly going to become hundreds.

All will pay property taxes directly or indirectly through taxes bundled into rents. All will pay local sales taxes.

At this point no one knows the entire incentive package Boeing will receive.

Agreed. It may only be 50 employees now but that will probably balloon to several hundred fairly quickly.

Not to mention, it's the CEO and upper management. These are all people making 6 figures, and in some cases, very probably 7 figures per year. That's a lot of discretionary income these people will have to pump into the local economy.

Having them here is going to increase the amount of money in play in the local economy, no question. That's always a good thing.

[ThomasCrown]

Originally Posted by iberanon

It's the opposite, at this point no one knows the benefits if any at all but we sure knows the multi million tax dollars Boeing will receive.

It doesn't sound like you have any experience with relos.

There will certainly be tax breaks given to Boeing here. But if you can't see any benefits of this move for the local economy then you really don't have a grasp of economics. Plano's got a proven track record for enticing business to North Texas, and their city budgets are not bleeding red. In fact, other suburbs have higher property tax rates than Plano does. I've been in the middle of a few relos in my day, and the fact is, a relo only works if it's good for BOTH parties. Plano doesn't have to sell the farm to entice Boeing here, and they know it. There's no shortage of companies looking to move here while the getting is good, and Boeing knows that too.

[serger]

Originally Posted by ThomasCrown

It doesn't sound like you have any experience with relos.

There will certainly be tax breaks given to Boeing here. But if you can't see any benefits of this move for the local economy then you really don't have a grasp of economics. Plano's got a proven track record for enticing business to North Texas, and their city budgets are not bleeding red. In fact, other suburbs have higher property tax rates than Plano does. I've been in the middle of a few relos in my day, and the fact is, a relo only works if it's good for BOTH parties. Plano doesn't have to sell the farm to entice Boeing here, and they know it. There's no shortage of companies looking to move here while the getting is good, and Boeing knows that too.

With the huge yearly increases in appraisals that's not very difficult to achieve.

[UnfairPark]

Great news for Plano.