For purposes of the property tax, the bill classifies an improvement that is used to provide short-term stays, which is overnight lodging for less than 30 consecutive days in exchange for a monetary payment. A building or a portion of a building that is designed and used as a residency by a person, a family, or families and that is leased or available to be leased for short-term stays is a residential improvement and, therefore, it is classified as residential property. A short-term rental unit is excluded from the definition of residential improvements and, therefore, it is classified as nonresidential property. A short-term rental unit is defined to mean a building or a portion of a building that is designed for use predominantly as a place of residency by a person, a family, or families, but that is leased or available to be leased for short-term stays during the property tax year and is occupied by the owner for less than 30 days in a year. (Note: This summary applies to this bill as introduced.)
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|Fiscal Note FN1 (01/28/2020)|
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