Join us for a pivotal moment in Colorado legislation! On Tuesday, April 16th, mark your calendars for the Colorado Senate Finance Committee Hearing on SB 33. This proposed bill has significant implications for short-term rental (STR) hosts, potentially skyrocketing property taxes by up to 400 percent. By reclassifying STR properties as commercial rather than residential, it threatens the economic stability of residents and communities reliant on tourism.
Here are the details:
In the early days of January, an important legislative development took place with the introduction of the proposed property tax treatment bill for short-term rentals (STRs), known as SB24-033, in the Colorado Legislature. It is our privilege to inform you that SB24-033 is scheduled for its inaugural hearing before the Colorado Senate Finance Committee on Tuesday, February 20 (though subject to potential changes).
The Colorado Interim Legislative Oversight Committee Concerning Tax Policy is currently reviewing a proposed piece of legislation that would alter the tax classification for specific short-term vacation rental properties. Under this proposal, known as the Lodging Property Tax Treatment bill, short-term rentals (STRs) that are rented for 90 days or more would be subject to the lodging tax rate, placing them on the same taxation level as hotels and bed and breakfast properties.
