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https://www.npr.org/2022/04/22/1094316591/disney-world-desantis-florida-counties-taxes
Excerpt:
The bill will undercut Disney’s autonomy, but it could impose a steep cost on Orange and Osceola counties, where the theme park is located. The two counties would inherit the Disney district’s debts, which officials say would result in higher taxes.
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Disney operates like a county government, building and maintaining municipal services like electricity, water and roads, and providing police and fire protection. It even taxes itself. The setup was intended to give Disney autonomy while also relieving the counties of paying for new services and infrastructure in what was once a remote and rural area.
But Reedy Creek’s status changes under the measure DeSantis signed: Senate Bill 4-C, targets it and five other independent special districts that were created before 1968.
Why will Disney’s debt transfer?
The Florida Senate’s own financial impact analysis of the bill states that in most cases when a county takes over a special district, it “shall also assume all indebtedness of the preexisting special district.” In Disney’s case, that could put local governments on the hook for about $1 billion in bond debt.
The state Senate’s analysis concluded that the bill would have an “indeterminate fiscal impact” on residents and businesses in special districts, as well as on local governments that will assume debts and assets.
The change promises to shake up the local tax picture, according to Scott Randolph, a Democrat who is the Orange County tax collector.
“If Reedy Creek goes away, the $105 million it collects to operate services goes away,” Randolph said via Twitter. “That doesn’t just transfer to Orange County because it’s an independent taxing district. However, Orange County then inherits all debt and obligations with no extra funds.”
Disney also taxes itself around $53 million each year to service its debt obligations, Randolph said.
The situation quickly prompted warnings that county property taxes will sharply rise. Citing an interview with Randolph, Danielle Prieur of member station WMFE in Orlando reports, “homeowners here could see property taxes jump by 20% to make up the difference. And even then, it probably wouldn’t be enough to cover all the money that would be lost.”