Disney World sits on a large piece of land in Central Florida, and the exact value of that land could have a major impact on property taxes, which are a major source of revenue for the region.
A legal dispute over the exact “fair market value” of Disney World’s property from 2015 has finally reached a settlement.
Orlando Sentinel has reported that although the exact settlement amount has yet to be determined, it is estimated that “Disney would be due about $1.3 million for tax year 2015 and probably similar amounts for tax years 2016 through 2020.” That money will come in the form of tax refunds from both the state and local taxing authorities.
Back in 2016, Disney sued then-Orange County Property Appraiser Rick Singh, alleging their staff had “exaggerated the fair-market values of the 14 theme park properties, which include the Magic Kingdom, EPCOT, Hollywood Studios and Animal Kingdom and smaller venues such as Blizzard Beach, Typhoon Lagoon and Fantasia Golf.”
The fair-market value of Disney World’s property would have a direct impact on the amount of property tax owed by the company each year, which is based on the assessed values from the appraiser’s office. Various rulings have come down in recent months concerning portions of Disney World property, including the resort hotels.
We’ll continue to monitor any additional developments from this story and we will let you know if we hear of any additional details!
Do you have an upcoming Disney World vacation? Let us know in the comments!
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