The Walt Disney Company will be getting millions in refunds from the state of Florida and local taxing authorities according to the Orlando Sentinel.
What’s Happening:
- The Orlando Sentinel has reported that a settlement has been reached for the 2015 legal dispute with the Orange County Property Appraiser’s Office and the Walt Disney Company over the fair market value of Magic Kingdom Park, EPCOT, and a dozen other Disney theme park properties.
- The total refund has not yet been calculated, but is expected to be around $1.3 million for 2015 and is assumed to be similar amounts for the other years.
- Disney had sued back in 2016 saying the fair-market values of their properties were exaggerated. Disney had paid around $23 million in property taxes in 2015. Since the dispute began, Disney has been paying its annual property taxes, as is required by law.
- Universal Orlando and SeaWorld also sued in 2016 saying their property values in 2015 were too high as part of their property assessment.
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