HB 2316 Summary

• Establishes new Class One property classification for real and personal property primarily leased or rented to lodgers for periods less than 30 days, valued at full cash value, with exceptions for owner-occupied residences (Class Three) and residential rentals (Class Four).

• Modifies online lodging marketplace definition to exclude properties classified as Class One paragraph 15, Class Three, or Class Four for property tax purposes from the online lodging marketplace tax classification.

• Allows property owners who convert or purchase Class One, Class Two, or Class Four properties to change classification to Class Three if occupied as primary residence, with procedures for review and appeal to the county board of supervisors.

• Updates renewable energy systems valuation provisions to include Class One paragraph 15 properties (short-term rentals) as eligible for exemption from adding value when renewable energy systems are installed with majority on-site consumption.

• Makes conforming changes to references throughout statutes relating to the new Class One property classification for short-term rental properties.