STR Taxed as Business = 29% New Bill In Colorado Anyone Know ?

[Bo A Vanecko]

building on the post that recently described the new laws in colorado springs, i came across this one which on the surface seems would decimate the market in CO and most all ski communities would see a flood of sales and vacant homes on the market ...unless of course one bought in decades ago ...

curious if anyone has been following this closer...  here is what i have found so far...perhaps im not reading into this correctly but doesnt sound good.

https://www.summitdaily.com/news/state-senator-proposes-classifying-short-term-rentals-as-commercial-property-leading-to-a-tax-hike/

https://openstates.org/co/bills/2020A/SB20-109/

https://altitude.law/legislative-season-is-in-full-swing/

[Mark Miles]

Originally posted by @Bo A Vanecko:

building on the post that recently described the new laws in colorado springs, i came across this one which on the surface seems would decimate the market in CO and most all ski communities would see a flood of sales and vacant homes on the market ...unless of course one bought in decades ago ...

curious if anyone has been following this closer...  here is what i have found so far...perhaps im not reading into this correctly but doesnt sound good.

https://www.summitdaily.com/news/state-senator-proposes-classifying-short-term-rentals-as-commercial-property-leading-to-a-tax-hike/

https://openstates.org/co/bills/2020A/SB20-109/

https://altitude.law/legislative-season-is-in-full-swing/

Contact Benjamin Vail for info on how to fight this. You are correct: this bill, if passed, would decimate Colorado home prices as supply would surge and demand would plummet.

It would be like that building in Hawaii that suddenly got zoned out of STR & half the building instantly listed their places for sale. Such a surge of supply with no demand crushes home prices. It will also hurt primary residence home values bc the surge in supply would affect them too. This would devastate all aspects of the Colorado housing market, it would be worse than any economic recession, I cannot imagine it would ever pass