Meta's New Data Center Set to Transform El Paso's Tax Landscape

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AI Summary
Meta Platforms Inc. is investing $10 billion in a data center in Northeast El Paso, which will become the city's largest property taxpayer, contributing an estimated $15 million annually in city property taxes. The center is expected to start operations in July, with full completion by 2028, generating about $400 million in property taxes for the city over 25 years. While the project will create 300 permanent jobs and 4,000 temporary construction jobs, local officials express concern over the environmental impact of future data centers, leading to a new policy that discourages offering incentives for such developments. This initiative aims to reduce the tax burden on homeowners, who may see an increase of about $105 in property taxes next year.
Key Details: • Meta's data center will begin operations in July 2024 and be fully completed by 2028. • The city expects to receive $400 million from Meta in property taxes over the next 25 years. • The El Paso City Council has decided not to offer incentives for future data centers due to environmental concerns. • The average El Paso homeowner's property tax bill could increase by $105 next year.