CFTOD Board Approves Tax Cuts for Disney World

Glen Gilzean Disney Diversity
Glen Gilzean, Ron DeSantis, and Bob Iger in front of Cinderella's Castle

After a lengthy back-and-forth, the new Reedy Creek Improvement District board approved tax cuts for Walt Disney World in the latest news.

It’s been a long battle between Florida Gov. Ron DeSantis and the Walt Disney Company regarding the Central Florida Tourism Oversight District (formerly the Reedy Creek Improvement District). The two parties have been engaged in a heated feud since last year when former Disney CEO Bob Chapek spoke out against the “Don’t Say Gay” bill, officially called the Parental Rights in Education Act.

"Partners" statue in front of Cinderella Castle, Magic Kingdom Park, Walt Disney World Resort

“Partners” statue in front of Cinderella Castle, Magic Kingdom Park, Walt Disney World Resort, Orlando, Florida / Credit: Disney

Related: DeSantis is Losing His Billionaire Donors Over Disney Feud

CTFOD Board Proposes Tax Cuts for Disney

On Wednesday, July 26, 2023, District Administrator Glenton Gilzean presented the FY 2024 budget for the district, which included some surprises. The proposal included significant tax cuts for Disney; the cut would drop the present millage rate by 6.8 percent.

What is a millage rate?

As defined by Investopedia,

The mill rate [or millage rate] is the amount of tax payable per dollar of the assessed value of a property. The mill rate is based on “mills.” It is a figure that represents the amount per $1,000 of the assessed value of the property, which is used to calculate the amount of property tax.

Disney CEO Bob Iger, Governor Ron DeSantis

Disney CEO Bob Iger, Florida Governor Ron DeSantis / Credit: Disney; Flickr, Gage Skidmore

New Reedy Creek Board Approves Property Tax Cut

While presenting the new budget, Gilzean shared, “We’re able to do this by prioritizing spending and implementing best government practices. We are also fortifying our financial reserve and making sure that there is a quality financial reserve in this proposal.”

He shared,

We heard from constituents loud and clear at public meetings and while out and about in the community. They do not want their tax rates to go up. We took their concerns to heart. The district staff has worked diligently the past few months to find ways to be good stewards of taxpayer dollars while ensuring a world-class experience for the millions of people who travel to our district from around the world. We’re proud of the result.

As reported by The Capitolist, board members also explained that the current millage rate is the maximum they can levy without “extraordinary notification” requirements to all property owners in the district.

Moana Meet and Greet Disney's Animal Kingdom

Moana Meet and Greet at Disney’s Animal Kingdom Theme Park / Credit: Disney

The total budget for the year stands at $198.7 million, a $13 million increase from the previous year.

While the tax cuts have been approved, the total budget will be subject to a further workshop session in August and hearings in September before it’s free to be implemented and fully ratified.

Stay tuned to Disney Fanatic for the latest Disney news.

About Priyanka Kumar

Priyanka is a writer, artist, avid reader, and travel enthusiast based in Chicago. In her free time, she is probably walking by the lake, catching up on the latest releases on TV, or spending inordinate amounts of time rewatching Moana, Encanto, and her Disney Channel life-long favorites Zack and Cody wreak havoc on the Tipton.

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