New article from the Orlando Business Journal -
"The Central Florida Tourism Oversight District may lower property taxes on its stakeholders — likely good news for several businesses within its boundaries, including Walt Disney World.
The district, at its July 26 meeting, will vote to approve a new proposed millage rate — or tax rate — levied on the taxable value of land that helps determine the property taxes paid by property owners — in this case, primarily Disney-owned land. The district's millage rate will drop to 12.95 mills — or 1/1,000th of a dollar levied on property assessments — for the district's fiscal year 2024, which starts on Oct. 1, down from 13.9 mills this year.
The new millage rate decision comes after taking stakeholder feedback to improve the overall business environment, District Administrator Glenton Gilzean Jr told
Orlando Business Journal in an exclusive interview. He said one of his and the board's goals as the new district gained speed since being created in February was to be independent and fair.
"After listening to multiple taxpayers, we saw this was an opportunity to hear them loud and clear," he said.
However, the lowering of millage rate isn't actually going to lower the total revenue the district collects this coming year. Its budget, which is posted on the district site, shows the 2024 fiscal year will collect $188.4 million in property taxes, up 6.38% from $177.1 million collected this year.
Gilzean said if the board kept the millage rate the same, it would rake in more than $200 million in property taxes, but that's not his goal as the new head of the district. "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."
He said he also is looking into other matters, including law enforcement contracts with the district's two municipalities — Bay Lake and Lake Buena Vista — to see what kind of changes can be made there to maintain safety standards, but also lower millions of dollars in overtime pay being funded by district stakeholders. However, he said those topics are still in early stages of analysis.
The district's decision likely comes as good news to businesses that have worried in the past about tax increases.
Jay Leonard, complex general manager of the 394-room Wyndham Lake Buena Vista Disney Springs Resort Area, said he'd welcome anything being done to ease up costs on his bottom line.
"There's been a lot of concern about lawyers ... and that that would put a burden on the district," Leonard told
OBJ. "[The property tax changes] help my ownership out as we continue to see inflation have big impacts on everything we purchase, from food to linens on beds, continue to go up. Any savings in any portion on the profit-and-loss statement is money going back to the ownership at the end of the day."
Representatives with Disney referred a request for comment to the district, saying not enough information will be available until the meeting."
Full article below.