I didn’t make the $203 number up. That’s the published rate $180/night plus tax. You would get the same number if you try to book that room today for January 2019; Caribbean Beach, standard room. And I did not include the $95 fee to trade in which would stack another $19/night on top of the difference.
Difference between paying cash and using points is $314.70, or 31% more than paying cash. No amount of tax would eat up that difference.
There was no material value change when Disney took this ability to use book Concierge, ABD,
DCL away from resale buyers in 2011. Prospective buyers did the math and shrugged it off. There is little value in doing the exchanges (unless weighed against losing points as Douglas dubh pointed out).
It wasn’t until the 2016 changes that Disney found a way to turn the screws on resale buyers. And within hours of the announcement,
@ziravan posted about the 25pt work-around loophole that they would eventually close.
Again, using those direct “benefits” doesn’t benefit anyone but Disney.