Ocean City approves 3% tax on rentals through Airbnb, VRBO and similar platforms - Ocean City Sentinel
Summary
Ocean City has approved a 3% tax on short-term rentals listed on platforms like Airbnb and VRBO. Hosts in Ocean City need to be aware of this new tax and factor it into their pricing and financial planning.
Key Insights
- •Ocean City has approved a 3% tax on short-term rentals through Airbnb and VRBO.
Action Items
- ✓Hosts in Ocean City should update their financial models to account for the new 3% tax on rental income.Effort: lowImpact: medium
Common Mistakes
- ⚠Failing to account for the new tax could lead to underpayment and potential penalties from the local government.
More from Regulations & Compliance
Carson City, Nevada, is refining its short-term rental regulations. City supervisors are currently reviewing and modifying the local ordinance during a retreat. This review aims to address operational aspects, potentially impacting local hosts through new or revised rules, emphasizing compliance.
A 21-unit vacation rental in Dunedin, Florida, has been approved, signaling potential growth in the local short-term rental market. This approval could lead to increased accommodation options for tourists visiting the area. This news could also influence local regulations.
St. Louis aldermen have approved a short-term rental fee, though a legal battle over existing rules continues. This indicates a focus on regulating the STR market within the city. Hosts in St. Louis should be aware of these new fees, which may impact their profitability. Find out how this affects your STR business.
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