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Legislative Year: 2024 Change

Bill Detail: HB24-1299

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Title Short-Term Rental Unit Property Tax Classification
Status Introduced In House - Assigned to Finance (02/14/2024)
Bill Subjects
  • Fiscal Policy & Taxes
House Sponsors S. Bird (D)
Senate Sponsors K. Mullica (D)
House Committee Finance
Senate Committee
Date Introduced 02/14/2024

The bill defines a short-term rental unit as a building that is
designed for use predominantly as a place of residency by a person, a
family, or families, is leased or available to be leased for short-term stays,
and includes the land upon which the building is located. A commercial
short-term rental unit is defined as a short-term rental unit that is not the
owner's primary or secondary residence.
A commercial short-term rental unit is classified as lodging
property, which is a subclass of nonresidential property for purposes of
valuation for assessment. A short-term rental unit that is the owner's
primary or secondary residence will continue to be classified as
residential property.
On or before November 15, 2024, and on or before November 15
of each year thereafter, an owner of a short-term rental unit shall submit
to the assessor of the county in which the property is located an affidavit
signed by the owner, under the penalty of perjury in the second degree,
identifying whether the property will continue to be used as a short-term
rental unit in the following property tax year commencing on January 1,
and if so, whether it will be the owner's primary or secondary residence.
Absent contrary information, the assessor shall use the information in the
affidavit to determine whether the property is a commercial short-term
rental unit. If a commercial short-term rental unit is sold, the new owner
shall submit an affidavit to the county assessor if the property will no
longer be a commercial short-term rental unit for the classification of the
property to change for the subsequent property tax year.

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