HB 24-1299 Summary

• Defines "short-term rental unit" as a building designed for residential use and leased for overnight stays of less than thirty consecutive days, including the land beneath it.

• Classifies commercial short-term rental units (those not serving as the owner's primary or secondary residence) as lodging property, a subclass of nonresidential property for tax assessment purposes.

• Requires short-term rental unit owners to submit an affidavit to county assessors by November 15 annually (starting November 15, 2024), under penalty of perjury in the second degree, declaring whether the property will continue as a short-term rental and whether it is the owner's primary or secondary residence.

• Creates a rebuttable presumption that short-term rental units are commercial properties if owners fail to file required affidavits, allowing owners to provide contrary evidence to county assessors.

• Applies classification changes to property tax years commencing January 1, 2025 and thereafter.