According to a proposed FY2024 budget, the Central Florida Tourism Oversight District will actually be decreasing the millage rate on District business owners. The millage rate is typically the amount of property tax charged per $1,000 of taxable property value and property taxes represent the vast majority of income for the District.
According to the proposed budget, which will be finalized in September, CFTOD expects an increase in interest income and permits & fees. The District also anticipates an increase in total dollars of collected property taxes, although the millage fee will drop from 13.90 to 12.95.
The reduction in the millage rate doesn’t seem to align with some of the early tough talk from DeSantis when he said that Disney would “pay their fair share” of taxes and that there is “a new sheriff in town”. This is the first proposed budget for the new Board of Supervisors (appointed by DeSantis) and new District Administrator Glenton Gilzean (appointed by DeSantis).
Disney World paid more than $1 billion in state and local taxes in the State of Florida alone in 2022, but did not say how much of that was to the Reedy Creek Improvement District.
The proposed budget will be heard at a July 26th meeting of the Board of Supervisors.
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