Posted Wednesday, July 21, 2021 9:59 AM | Contributed by Jeff
The Walt Disney Co. will get millions in refunds from state and local taxing authorities after settling a 2015 legal dispute with the Orange County Property Appraiser’s Office over the fair market value of the Magic Kingdom, EPCOT and a dozen other Disney theme park properties.
Read more from The Orlando Sentinel.
What is Abigail's take on this?
As a local tax payer where tax revenue was severely hampered overall, I'm not crazy about this.
A lot of Floridians are not aware, but all property owners are allowed to challenge their valuation by the Property Appraiser. I think Disney has done this many times. Osceola County actually challenged Disney's agricultural exemption which was primarily for the Celebration area back in the day. I seem to remember that they had a contract with a farmer to bring cows to the property periodically which is how they claimed it was agricultural. I want to say Disney finally lost that one in court which sped up the development of Celebration.
The agricultural thing happens all over the place. I've never seen so many cows in places that are obviously not farms.
That strikes me as an actual loophole. Using a deduction/exemption for otherwise than how it was actually intended. Much different than tax policy discussions in general which tend to call every use of a deduction/exemption (including those as intended by the tax provision) a "loophole" to benefit from the negative connotation of the term.
wahoo skipper said:
A lot of Floridians are not aware, but all property owners are allowed to challenge their valuation by the Property Appraiser. I think Disney has done this many times.
It's law in Illinois here as well. Our lawyer's take is 1/3 of what he saves us on the 3 year cycle. It's a no brainer. I can either pay the state that amount every year or pay the lawyer once.
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