County Reminder About Home and Vacation Rentals
As the holiday season gets underway, local homeowners are reminded about the rules and regulations concerning renting out their property to visitors. And it seems as if local officials are becoming more stringent in assuring that those laws are enforced.
If you rent out your Leadville/Lake County home for the holidays or events during the summer, you are responsible for paying the appropriate taxes. While some homeowners are under the impression that those guidelines are only applicable for rental periods OVER 30 days, that is not true, according to the Lake County Clerk and Recoder’s Office. In a media advisory released by the Clerk earlier last week, these transactions are subject to lodging tax as well:
If you rent out your home for under thirty days, under State law you are required to collect 2.9% state sales tax, 4% county tax, and 1.9% lodging tax and remit it to the Colorado Department of Revenue. Failure to do so will result in the seizing of your home by the Colorado Department of Revenue until payment is made or they auction off all of your belongings.
If you do rent your home please contact the Clerk’s office at 719-486-1410 to begin the paperwork for this process.