I have been working to get facts into the city and I’d like to share more about taxable values for the potential property on 377. Today as ag exempt Keller collects .76 per acre. With warehouses we’d estimate to collect $11,500 per acre and with the Realty Capital project we’d collect $37,500 per acre. Their project is going to have a value of $125M. That’s a huge difference.
I’ve see comments that the potential luxury apartments wouldn‘t pay taxes. Nothing could be farther from the truth. They pay taxes and don‘t get the homestead exemption homeowners enjoy. The largest property tax payer today in Keller is the Art House in Town Center. They look great and have a 95%+ occupancy rate.
We need quality development in Keller or property taxes will have to go up. Just to give city employees raises it cost $1M annually. Streets are always in need of repairs. Police need new vehicles and equipment. Staff won’t be able to keep up the service levels without development.
How does this impact you as a taxpayer? This project is estimated to have a levy annually of $626,443 which is a 2.6% increase over this past year. This would be the highest levy increase since 2012. My goal is always is look for ways to reduce your taxes. If we do this project we can still provide the high quality service long term and again reduce your city property taxes. Then the estimated sales tax from this project would almost be $500,000.
Lets stop demonizing the multi-family portion of this project. Look at it in its entirety and then remember our infrastructure is always in need of up keep. Do you want to have your taxes raised to maintain city services? I’d rather work to bring high quality development and see how we can make this project a success in Keller.