Orange County appraisers have agreed to lower Disneyland’s taxable value to $ 391 million and give the Walt Disney Co. tax rebates amounting to $ 207,000.
The agreement put an artificial price of $ 7.6 million on the park’s 82 acres , making the property worth nearly $ 93,000 per acre.
Disney attorneys settled with the county in advance of a public hearing scheduled for today. The company’s initial appeal asked for adjustments that would have brought Disney $ 1 million.
Disney set the park’s 1992 value at $ 347 million.
“They were wrong,” said Ron Cooper, assessor’s office manager for complex properties.Tax officials brought the 1992 taxable value down from $ 406 million to $ 391 million, allowing a $ 191,000 rebate plus a $ 16,000 return from a lower 1991 value.
Most of the break came from $ 15 million Disney spent renovating Splash Mountain, said Cooper. That money was initially counted in the ride’s value.
The appeals board still must approve the settlement.