A number of lawsuits disputing the values of Universal Orlando Resort parking garages assessed by Orange County Property Appraiser Rick Singh have ended in a compromise which will see Universal as the recipient of a $1.54 million tax refund. The payout comes from the newly adjusted property appraisals, which Universal have already paid taxes on but are now significantly lowered.
Settlements were reached for lawsuits related to the parking garage appraisals spanning multiple years. Here are the adjusted assessments Singh and Universal came to an agreement upon:
- For 2014, the appraisal will remain at approximately $148.6 million.
- For 2015, the total lowers for $301.2 million to $220 million.
- For 2016, the assessment drops from $297.2 million to $225 million.
- For 2017, the decrease is from $275.2 million to $225 million.
The taxes previously paid by Universal on the properties tallied up to around $12.8 million for the disputed years. The adjusted tax bill would lower to about $11.3 million, granting them the $1.54 million refund.
According to a statement by his attorney Keith Graham, Singh was content with the outcome. The statement said,
Although the negotiated settlement amounts do not match either parties’ positions, both parties understood the benefit of compromise in light of the expense and risk of trial.
Singh previously reached an appraisal lawsuit settlement with SeaWorld Orlando, and is currently involved in similar litigation with the Walt Disney World Resort over the Magic Kingdom and other properties.
Source: The Orlando Sentinel