The Central Florida Tourism Oversight District Proposes Lowering Disney’s Property Taxes
The Central Florida Tourism Oversight District (CFTOD) may lower property taxes within its boundaries, which would be great news for The Walt Disney Company.
In its meeting today, the district will vote to approve a new proposed millage rate (tax rate) levied on the taxable value of land that helps determine the property taxes paid by property owners. In the case of the CFTOD, the land is primarily owned by Disney.
Following the vote, the district’s millage rate will drop to 12.95 mills (or 1/1,00th of a dollar levied on property assessments) for the district’s fiscal year 2024. That number would be down from 13.9 mills this year.
Listening To Stakeholders
The new millage rate decision came after getting feedback from stakeholders to improve the overall business environment of the district.
“After listening to multiple taxpayers, we saw this was an opportunity to hear them loud and clear,” Glenton Gilzean Jr. told the Orlando Business Journal.
While the district will lower the millage rate, it will still collect more money in property taxes in 2024 than in 2023.
According to the upcoming budget, the CFOTD will collect $188.4 million in property taxes, up 6.38% over last year.
Gilzean notes the district would have brought in over $200 million in property taxes had the millage rate not changed. That, however, is not his goal.
“Our responsibility is to the taxpayers in the district. I see showing the world — Disney included and other rate payers — that my administration will call the balls and strikes fairly.”
Strife Between The CFTOD and Disney
While today’s news will likely be good for Disney, the company’s relationship with the CFTOD remains cool.
In April, the district alarmed businesses in Disney Springs when it talked about the possibility of raising property taxes to cover the growing costs of its legal battles with Disney.
Many business owners who attended that meeting, publicly voiced their concerns.
“I’m all for things being fair and equitable. It frustrates me if I am placed in an inequitable position tax-wise based on my peers in other places in Orlando,” Shawna Heninger, president of Retail Concepts of Minnesota which operates Basin bath and hair/body care shop, previously told the Orlando Business Journal.
Heninger said that the company has closed stores in other states due to high taxes. She fears the Disney Springs store could see the same fate.
As always, be sure to check back in with MickeyBlog. We will continue to update you on all the news surrounding the CFTOD.
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