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.
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.
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.
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.
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