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Musk's company owns $2.5 billion in Texas real estate, with an appreciation of more than 400% in five years.

2024-04-13 Update From: SLTechnology News&Howtos shulou NAV: SLTechnology News&Howtos > IT Information >


Shulou( Report--

December 9, according to public records, the value of real estate owned by Elon Musk's company in Texas reached $2.5 billion, an increase of more than 400% in the past five years. Musk's business in Texas is getting bigger and bigger.

An analysis of the data shows that, thanks to land appreciation and rising property prices, the assessed value of real estate held by Musk's company has increased by more than 400% over the past five years, most of which can be attributed to two major investments: Tesla's super factory near Austin and SpaceX's launch site in southern Texas.

It is not clear how much land Musk's companies have acquired, and Texas does not require the actual sale price of real estate to be disclosed. Each county's local government evaluation office assesses the market value of land and real estate for taxation every year.

The actual market value of the real estate owned by Musk's company is likely to be higher than the assessment. Matt Holm Holm, the owner of an Austin real estate company and chairman of the Tesla Tesla Owners' Club Austin in Austin, says most owners hire lawyers to drive down their real estate valuations in order to pay less land tax. In this way, the land owned by Musk's company may be worth more.

Musk's company has been busy buying local land. According to aggregate data, SpaceX, Tesla and The Boring Company have made at least 346 real estate acquisitions in Texas in the past five years, excluding Mr Musk's personal real estate.

Dissatisfied with California's regulatory environment and high taxes, Musk moved to Texas in December 2020. It is not clear whether he personally owns real estate in the area. In 2021, Musk said he rented a house in Bokacchka, southern Texas, for $50, 000, and said he owned only one house in the San Francisco Bay area.

Also in 2020, Tesla revealed that a new super factory project would be built in Austin Travis County. Musk later promised that it would be an investment of $10 billion.

The Tesla superfactory is the main reason for Musk's companies to invest in local real estate appreciation in Texas. Tesla has been acquiring land locally since 2018, with an initial value of $342 million, according to land acquisition data from the Travis County local government evaluation office. As of last month, Tesla had invested about $1.9 billion in development-related land, according to public license records. According to this calculation, Tesla's total local investment in Travis County has exceeded 2.2 billion US dollars.

SpaceX and The Boring Company also have large operations in Texas. As of January, the real estate holdings held by these companies were valued at $242 million, according to public assessment data from the three major counties where they are located.

According to SpaceX, the company's business activities in Texas are mainly concentrated in Bastrop County, where Star chain is based, and Cameron County. The latter is located on the Gulf Coast of western Texas, where SpaceX's starship base and the Brownsville South Texas launch site (Brownsville South Texas Launch Site) are there. In addition, SpaceX has three launch sites, two in Florida and one in California.

Musk's tunnel-digging start-up, The Boring Company, is headquartered in Bastrop County, where it owns a piece of land valued at about $3.6 million. Bastrop County borders on the southeast of Austin.

As Musk continues to invest more locally in Texas, he has a better relationship with local politicians. Before the launch of the Texas superfactory project in 2020, Gov. Greg Greg Abbott announced the project on social media Twitter. "it's interesting to meet you," he said. "Welcome to Texas," along with photos of himself and Musk.

Since then, Musk has become more and more influential in Texas.

Musk and Abbott last made a public appearance together in May when they broke ground on Tesla's lithium refinery in NewEsse County. It is reported that the factory, at a cost of $375 million, will receive a $16.2 million tax credit from the Robbtown independent school district within 10 years.

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