It is inevitable that the City will face a budget deficit from the loss of nearly $10.7M in Transient Occupancy Tax as well as sales tax revenue. To stem the loss, the City could be forced to impose a parcel tax which is essentially an increase in everyone’s property taxes. This is a flat tax and by law, would be applied to all property homeowners irrespective of property value.
- WHAT COULD BE THE ECONOMIC IMPACT OF A VACATION RENTAL BAN ON THE CITY AS A WHOLE?
- WHAT WOULD BE THE ECONOMIC IMPACT TO THE CITY’S BUDGET IF VACATION RENTALS WERE BANNED?
- WOULD A BAN ON VACATION RENTALS IMPACT EMERGENCY SERVICES, ESPECIALLY THE POLICE DEPARTMENT?
- HOW WOULD A VACATION RENTAL BAN HARM ALL HOMEOWNERS?
- Additional Resources