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.
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