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General DVC Discussion For discussion on how the DVC works and resort information. |
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13 May 21, 06:19 PM |
#1
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Imagineer
Join Date: Jul 14
Location: The Tiki Room.
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Property Tax Automatic Credit
Alongside our direct DVC holdings we have 1 Resale Contract.
Just had this E Mail through and to say I am excited at the money we are getting is the understatement of the year. We recently discovered a system error with property tax true-ups in our Annual Dues billing system. A true-up is when Disney Vacation Club reconciles the estimated property taxes against the actual costs billed and make adjustments for any difference. This error impacted a small number of Members who purchased through the third-party resales market in the first year of purchase from 2014 to 2019. As a result, you will be receiving a credit in the amount of $3.25 that will be applied toward your future dues payments for property taxes. I wonder how many Members this effects?
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"PAGING MR MORROW, MR TOM MORROW..." ''I drink Wine and know things'' DVC Owners at SSR since 2003. Multiple annual visits to America since 1976 |
13 May 21, 08:28 PM |
#2
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Imagineer
Join Date: Jun 16
Location: God's Own Country
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I just got 4 amounting to about $50 in total (1 per contract).
Edit just realised, not 1 per contract, for some reason for one contract I’ve got 2 refunds, for the other two 1 on each. My final contract i haven’t got anything on is my small direct add on. I wonder how they are working this out. Why have I got 2 for only one contract I wonder.
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Edited at 08:31 PM. |
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13 May 21, 08:48 PM |
#3
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Very Serious Dibber
Join Date: Mar 18
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I was about to start a thread asking how much is your true-up! (Seriously, that's a really odd term). I got $17.14. No idea why. I seem to be beating you though, Mr Tom Morrow, despite owning far fewer points!
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13 May 21, 08:51 PM |
#4
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Thread Starter
Imagineer
Join Date: Jul 14
Location: The Tiki Room.
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"PAGING MR MORROW, MR TOM MORROW..." ''I drink Wine and know things'' DVC Owners at SSR since 2003. Multiple annual visits to America since 1976 |
13 May 21, 09:46 PM |
#5
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VIP Dibber
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We had a couple of these emails tonight too. Tbh at first I assumed it was a scam. No idea what on earth a “true-up” is though, and the description sounds painful?! Perhaps in the UK it would be an accounts reconciliation? Not sure why it was incorrect though so have no way of checking its correct now - not that I don’t trust them you understand 🤔.
I guess we should just be grateful its a credit 😉 👍. |
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13 May 21, 10:05 PM |
#6
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Thread Starter
Imagineer
Join Date: Jul 14
Location: The Tiki Room.
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Like you I wondered about a ‘true up’. Maybe I should reach out to them tomorrow.
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"PAGING MR MORROW, MR TOM MORROW..." ''I drink Wine and know things'' DVC Owners at SSR since 2003. Multiple annual visits to America since 1976 |
14 May 21, 06:53 AM |
#7
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Very Serious Dibber
Join Date: May 13
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To be truthful, I've also never heard of the term 'true up'
Anyway, all those small true-up's seems to have had a big effect on Disney shares after the markets closed overnight, as they dropped over 3%. |
14 May 21, 01:07 PM |
#8
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VIP Dibber
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Just received mine for the sum of $14.83. We only have one resale contract the others were direct.
Every little helps
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DVC Member BCV, BLT & VGC |
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14 May 21, 05:25 PM |
#9
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Imagineer
Join Date: Jun 16
Location: God's Own Country
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Just seen on the other board what led to this. One member on there took up the mantle with DVC based on the following (credit Bing Showei- and thanks) ;
“Prior to 2013, when a contract was bought on the resale market, the new owner who assumed all the rights and responsibilities of that ownership was refunded the overpayment for taxes paid by the previous owners. If there was a deficit in tax payment, the new owners were charged for those underestimations. This was a right and responsibility of the current title holder. Very suddenly, in 2014, Disney changed gears and decided that resale owners are no longer entitled to those monies. Their logic was that since the new owners didn't pay those dues, they don't get the refund credit. But interestingly, the owners who did pay those dues were not entitled to the refund credit either, as it was they were no longer owners. For 6 years this went on. Over the tens of millions of points that changed hands, any overage (which over that period was the majority of resorts over the majority of years) that was paid, Disney held onto the money. Owners who bought resale and contacted Disney Membership around this credit were consistently told, "You didn't pay those dues, you are not entitled to a refund." This was policy that was disseminated to lower level cast members to convey to any owner who calls in inquiring about this. As it is many owners were new to the system, this is just the way it was done. Very suddenly, in 2020 that changed back. Not only did new resale members in 2020 receive the tax credit, but the change happened in time that any overages paid in Annual Dues due to the closure were also returned to the owner holding the title. This was not a generous courtesy. This was money Disney was simply not entitled to keep for themselves.“%
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14 May 21, 06:33 PM |
#10
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Thread Starter
Imagineer
Join Date: Jul 14
Location: The Tiki Room.
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YT. So grubby hands in the till again for want of a better expression.
Am I surprised? Not at all!
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"PAGING MR MORROW, MR TOM MORROW..." ''I drink Wine and know things'' DVC Owners at SSR since 2003. Multiple annual visits to America since 1976 |
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