Central Florida Tourism Oversight District proposes cuts to the property tax rate

The Central Florida Tourism Oversight District Administrator Glen Gilzean presented the FY2024 budget to the board, which proposes significant cuts to the property tax rate. 

Reedy Creek Improvement District overview

Specifically, the cut would reduce the current millage rate by nearly 7 percent without impacting core programs that serve the community.

Third-party operators from Disney Springs attended a previous meeting to express their concerns that taxes may rise, having a significant impact on their business.

"We heard from constituents loud and clear at public meetings and while out and about in the community," said Gilzean. "They do not want their tax rates to go up. We took their concerns to heart." He added, "The district staff has worked diligently the past few months to find ways to be good stewards of taxpayer dollars while ensuring a world-class experience for the millions of people who travel to our district from around the world. We're proud of the result."

The millage rate is the amount of tax payable per dollar of the taxable assessed value of a property. One mill is equivalent to $1 in taxes due per $1,000 of taxable assessed property value. In FY2023, the millage rate was 13.9000. The district's proposed millage rate for FY2024 is 12.9500, a 6.8% rate decrease. The district arrived at this rate with consideration to budget requirements and property assessments from the publicly elected tax appraisers of Orange and Osceola Counties.

Gilzean's proposed budget also outlines priorities for the district: enhancing public safety, implementing governing best practices, and prioritizing spending. In addition, the budget would increase the district's reserve fund to include line items such as dedicated emergency response.

The board also says that taxpayer dollars would no longer be used to fund the private use of the public police force. According to the CFTOD, over the past several years, private entities such as Disney have billed the district to police their property.

The board will vote today on the proposed millage rate. This will kick off the budget approval process, which requires two public hearings and a vote in September on a final budget that contains detailed line items.