Disney sues over property assessments for Magic Kingdom, other properties

prberk

prberk

Well-Known Member
Original Poster
According to the Orlando Sentinel today, Disney is suing the Orange County real estate assessor and others (including Reedy Creek Development District, in which it normally has a controlling interest) over their valuation of several parts of WDW, including the Magic Kingdom, which they value at $437 million. (They value Epcot at $446 million and DHS at $339 million, with Animal Kingdom Lodge at $153 million and Caribbean Beach Resort at $209 million.)

Here is the link: http://www.orlandosentinel.com/business/os-bz-disney-assessments-20170613-story.html

Disney calls the assessed values "excessive." OK, I had to laugh.

To be fair, it is worth noting that the article says that Universal, Sea World, and others have also complained about their assessment, too; but I have to laugh when the Walt Disney Company actually complains that the Magic Kingdom is priced too high!

My favorite is this quote from the Disney spokesperson: "The increases in the assessments of our property are unreasonable and unjustified."

How funny is that? I think I am going to say that when they raise gate prices again. And I can show them proof that they have said the same thing! :p

And to be honest I work in local property tax assessments, where I hear people complain about their assessments daily -- but with the constant increase in Disney prices well over and above the cost of inflation, even the Disney fan in me has to laugh at the irony of Disney saying the assessed value of their park is excessive.
 
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misterID

misterID

Well-Known Member
prberk said:
According to the Orlando Sentinel today, Disney is suing the Orange County real estate assessor and others (including Reedy Creek Development District, which it normally has a controlling interest) over their valuation of several parts of WDW, including the Magic Kingdom, which they value at $437 million. (They value Epcot at $446 million and DHS at $339 million, with Animal Kingdom Lodge at $153 million and Caribbean Beach Resort at $209 million.)

Here is the link: http://www.orlandosentinel.com/business/os-bz-disney-assessments-20170613-story.html

Disney calls the assessed values "excessive."

To be fair, it is worth noting that the article says that Universal, Sea World, and others have also complained about their assessment, too; but I have to laugh when the Walt Disney Company actually complains that the Magic Kingdom is priced too high!

My favorite is this quote from the Disney spokesperson: "The increases in the assessments of our property are unreasonable and unjustified."

How funny is that?

And to be honest I work in local property tax assessments, where I hear people complain about their assessments daily -- but with the constant increase in Disney prices well over and above the cost of inflation, even the Disney fan in me has to laugh at the irony of Disney saying the assessed value of their park is excessive.
Click to expand...
That's a good argument to make when Disney raises their prices...
 
Epcot82Guy

Epcot82Guy

Well-Known Member
To be fair - you also have to take into account the actual resale capability. The value of the land to Disney vs. the value of the land to another purchaser are two different things.

We had a massive issue here in Atlanta where some people were seeing increases between 30-70% in a 12 month period (myself included). And, everyone is appealing.

It's everyone's right to appeal and they, frankly, should if they have a good faith basis for their argument! That's how you keep the system in balance.
 
Monorail_Red_77

Monorail_Red_77

Well-Known Member
It's their right to sue if they feel it is priced too high. However, I just have to laugh at the fact that Disney is essentially also taking itself to court. Reedy Creek Improvement District is named in the lawsuit in addition to the usual Orange County Tax Collector, Florida Dept of Revenue, etc. I know they are separate parts of the company, still its funny. :hilarious:
 
C

Calmdownnow

Well-Known Member
I would be interested to know if DVC is also challenging the property assessments as, I believe, these costs are incorporated in the annual fee DVC members pay. Major increases in annual fees could have a significant impact on break even costs for DVC members and on decisions to buy-in to the new DVC resorts.
 
W

WDW Monorail

Well-Known Member
I read an article about the current elected property appraiser several months ago in a magazine. He is not a good guy.
 
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Bolt

Bolt

Well-Known Member
Valuation is funny because the land is worth that much because MK is there, but if it were to be sold for land parcels, the value would be so low because it's charm is proximity to MK.
 
DVC Mike

DVC Mike

Well-Known Member
jt04

jt04

Well-Known Member
prberk said:
According to the Orlando Sentinel today, Disney is suing the Orange County real estate assessor and others (including Reedy Creek Development District, in which it normally has a controlling interest) over their valuation of several parts of WDW, including the Magic Kingdom, which they value at $437 million. (They value Epcot at $446 million and DHS at $339 million, with Animal Kingdom Lodge at $153 million and Caribbean Beach Resort at $209 million.)

Here is the link: http://www.orlandosentinel.com/business/os-bz-disney-assessments-20170613-story.html

Disney calls the assessed values "excessive." OK, I had to laugh.

To be fair, it is worth noting that the article says that Universal, Sea World, and others have also complained about their assessment, too; but I have to laugh when the Walt Disney Company actually complains that the Magic Kingdom is priced too high!

My favorite is this quote from the Disney spokesperson: "The increases in the assessments of our property are unreasonable and unjustified."

How funny is that? I think I am going to say that when they raise gate prices again. And I can show them proof that they have said the same thing! :p

And to be honest I work in local property tax assessments, where I hear people complain about their assessments daily -- but with the constant increase in Disney prices well over and above the cost of inflation, even the Disney fan in me has to laugh at the irony of Disney saying the assessed value of their park is excessive.
Click to expand...

It is way too bad you had to add your own politics to your otherwise interesting post. But since you opened the door....

I just wonder how much better Florida tourism attractions would be without such massive municipal cash grabs?
 
S

seascape

Well-Known Member
HauntedPirate said:
I think I like this Rick Singh guy. ;)
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Rick Singh is raising the prices on all hotels and theme park tickets. The customer pays the tax not the business. The county is also going after Universal's property and they includes the new land they purchased that has no revenue source other than those who buy tickets. Be careful what you ask for because you are the one who will pay it.
 
peter11435

peter11435

Well-Known Member
seascape said:
Rick Singh is raising the prices on all hotels and theme park tickets. The customer pays the tax not the business. The county is also going after Universal's property and they includes the new land they purchased that has no revenue source other than those who buy tickets. Be careful what you ask for because you are the one who will pay it.
Click to expand...
Exactly.

If the county is artificially inflating the value of the property this cost is pushed to the consumer and is essentially illegally increasing the resort/bed tax.
 
S

Skyway

Well-Known Member
There is a lot more to this story.

Several large property owners have sued the Orange County property appraiser for similar disputes over land valuation.

Meanwhile, the property appraiser is now suing to unmask the identity of donors behind some pretty nasty campaign ads against him.

https://www.google.com/amp/www.orla...k-singh-libel-lawsuit-20170425-story,amp.html

Although he didn't come right out and say it, he is looking into the possibility the theme parks might have been behind the smear campaign.

Stay tuned...
 

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