This website uses cookies to improve your experience on the site. By continuing to use this site, you agree to the use of cookies. To learn more about how we use cookies, please see our Cookie Policy.

Lodging Property Tax Treatment 

February 4, 2024

SB24-033

Summary

Bill 24-033 establishes that, for property tax years commencing on or after January 1, 2026, "short-term rental units" may be classified as either residential real property or lodging property. If, during the previous property tax year, a short-term rental unit was leased for "short-term stays" for more than 90 days, then it is classified as lodging property. The market approach shall be the sole method for determining the actual value of a short-term rental unit that is classified as lodging property. Notably, the property tax assessment rate in 2023 for residential properties was 6.765% and, in 2024, the assessment rate for lodging properties is 29%.

Legislative Updates

[Hearing: February 20 at 2 PM in Room SCR 357]

  • 2024-01-10 / Introduced
    Introduced in Senate - Assigned to Finance

This content is updated every Thursday, but is not a comprehensive list of updates. If you have questions regarding a specific piece of legislation, please contact DGS partner, Sarah Kellner.

Attorneys

Events

Pages

Articles