Short-term losses, long-term tax gains
Thursday, August 7, 2014 by Elizabeth Pagano
As part of the budget process, Mayor Pro Tem Sheryl Cole asked for a breakdown of revenue collected and fees assessed for the city’s Short Term Rental registration program this past year. So far, the results have been less than lucrative for the city. As of May 31, 2014, the city projects that its total revenue from licensing the 929 Type I, Type II and Type III rentals will be $255,210 for Fiscal Year 2014. The estimated cost of administering the program is $301,462 for that same year. That’s a loss of $46,252. However, a question from Council Member Chris Riley showed that those rentals generated more than $1.4 million in hotel/motel/STR occupancy tax revenue in 2014, so maybe it’s not as bad as all that.
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