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I disagree with the Disney need not apply part. It could be considered a loophole. IMO, it's a concession but also a way to put in a process to update decades long districts that may or may not be performing in accordance with the original charter or intent. This bill could be expanded to require all districts to re-certify every so many years, and that's not a bad thing really.
I think the primary purpose of the RCID was to build the Experimental Prototype Community of Tomorrow. That didn't happen.
Period review and updating of all special districts is a good thing.
The Reedy Creek district was set up so that Disney could, in effect, tax themselves more in order to build roads and other infrastructure. By eliminating the district, all that money goes away. State law says all property in a district has to be taxed at the same rate, so regular homeowners in the county will see their taxes raised considerably.
If this is true, why isn't Disney celebrating this new legislation? They'll be paying a whole lot LESS tax. It'd mean more profits for them. Gotta wonder if Disney started this fight just to get rid of this yoke around their neck.
But then again, why are investors offloading DIS stock by the boatload?
Another question I have, what if Orange County decides not to raise taxes, but cut services instead? Just not bother with police and fire service on Disney property. Let those roads rot - let the tourists have fun dodging those potholes. Seriously, who's gonna force the local governments to raise taxes to cover the Disney shortfall?
Disney vowed to lobby to get the Parental Rights bill overturned. They stepped into the political boxing ring, now it's time to be dinged. I'm hoping for a KO.
they were supposed to represent families. instead they turned woke and promoted transgenering preteens. sick. hope dis stock continues to freewill. my family will never return to their parks
Another thing too - that debt would would be transferred to the local counties, well, that could be resolved quite easily with a pay-out from the state of Florida. The state does have a nice, fat rainy-day fund of $15 billion to use for unexpected expenses.
If this is true, why isn't Disney celebrating this new legislation? They'll be paying a whole lot LESS tax. It'd mean more profits for them. Gotta wonder if Disney started this fight just to get rid of this yoke around their neck.
But then again, why are investors offloading DIS stock by the boatload?
So many questions, so few answers.
Disney would like to retain control but it would also increase taxes on the two counties, this proposal is a lose-lose.
There was no debate when it passed, no accounting to measure the impact, no input from the two counties. It was passed blindly by republicans because this is what DeSantis wanted because Disney protested his bill, no other reason.
But in the end it will be withdrawn before next year.
Another question I have, what if Orange County decides not to raise taxes, but cut services instead? Just not bother with police and fire service on Disney property. Let those roads rot - let the tourists have fun dodging those potholes. Seriously, who's gonna force the local governments to raise taxes to cover the Disney shortfall?
Good question, but:
Would Disney be prevented from fixing the roads on its own property?
Also, Orange County wouldn't have to raise taxes to take advantage of a tax windfall as they are getting new, previously untappable tax revenues in Disney's property worth hundreds of millions (if not billions). It should make for a nice increase to the country's budget.
The Reedy Creek district was set up so that Disney could, in effect, tax themselves more in order to build roads and other infrastructure. By eliminating the district, all that money goes away. State law says all property in a district has to be taxed at the same rate, so regular homeowners in the county will see their taxes raised considerably.
Disney "taxing" itself is just Disney using money from it's sales to fund the operation of its property. That money doesn't "go away," but now gets collected by the county. Also, I'd imagine that Orange County's sales tax would now apply to all purchases at Disney, which will only add to the county's tax coffers.
Disney "taxing" itself is just Disney using money from it's sales to fund the operation of its property. That money doesn't "go away," but now gets collected by the county. Also, I'd imagine that Orange County's sales tax would now apply to all purchases at Disney, which will only add to the county's tax coffers.
I'm completely assuming this (based upon my experience as a CPA), but Disney was using Reddy Creek as a cost center to maximize their taxes. The state will have have the district pay their fair share.
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