HB 2321 Summary

• Amends the definition of "residential rental property" from "solely" leased for residential purposes to "primarily" leased for residential purposes.

• Requires owners of residential rental property to disclose to the county assessor whether the property is rented for periods of less than thirty days.

• Creates a new Class One property classification for real and personal property rented to lodgers for periods of less than thirty days totaling more than 120 days per calendar year, with exceptions for owner-occupied primary residences and properties where the owner occupies the property at least 60 days per calendar year.

• Modifies Class Four property to include residential property rented for less than thirty days for either 120 days or fewer per year OR more than 120 days per year with owner occupancy of at least 60 days per calendar year.

• Applies to tax years beginning January 1, 2023 and thereafter.