Insights on Colorado's SB33 Lodging Tax Bill — STR INTEL Episode 35

Summary

The 'strr Intel podcast' episode discusses Colorado's SB33, a proposed lodging tax bill affecting short-term rental owners. The bill, which would have increased taxes by 27.9%, was scrutinized for its potential impact on property values and rental operations. Craig, a host of the podcast, shares his experience testifying against the bill at the Capitol, highlighting the significant opposition and the eventual rejection of both the bill and its amendments, emphasizing the importance of active civic engagement in local politics.

Takeaways

• 🏨 The podcast discusses Bill SB33, the Colorado tax lodging bill, which proposes a significant tax increase on short-term rental owners.
• 💰 The bill would have increased taxes by 27.9%, affecting property values and potentially monthly payments for mortgage holders.
• 🏠 The impact of the bill would have been felt in monthly expenses, potentially affecting property improvements and guest experiences.
• 📈 Craig, one of the podcast hosts, detailed how the bill would have increased his property payments by $700 to $800 per month, impacting his business operations.
• 🗓️ The podcast revisits the bill after a previous episode, focusing on the capital hearing and the final outcome of the bill.
• 🏛️ Craig attended the capital hearing in Denver, where the bill was delayed multiple times, ultimately resulting in a long day of testimonies.
• 🔍 The opposition to the bill was strong, with about 150 people scheduled to testify against it, highlighting concerns about its economic impact.
• 📊 Craig emphasized the importance of accurate data in the discussion, noting discrepancies in the number of short-term rentals in Colorado.
• 🏢 The bill's proponents argued for fairness and addressing the strain on public services, but the opposition pointed out the lack of robust impact surveys to support these claims.
• 📋 Proposed amendments to the bill included an impact survey and restrictions on how properties could be classified, but these were met with skepticism about their funding and bias.
• 🎉 The final outcome of the bill was positive for the opposition, as it was voted down 6 to 1, demonstrating the power of collective advocacy and the importance of staying informed on local politics.

Q & A

What is the main topic of discussion in the 'strr Intel podcast'?

The main topic discussed in the podcast is Bill SB33, the Colorado tax lodging bill, which proposes a significant tax increase for short-term rental owners.

What was the proposed tax increase under Bill SB33?

Bill SB33 proposed a 27.9% tax increase on short-term rental properties.

How would the tax increase under SB33 have affected property values and monthly payments?

The tax increase would have been applied to the property value, potentially increasing monthly payments for mortgage holders, impacting their bottom line and ability to make improvements.

What was the final outcome of Bill SB33 after the capital hearing?

The bill was voted down 6 to 1 after the capital hearing, stopping it in its tracks and preserving the status quo for short-term rental owners.

Why was the impact survey amendment a point of contention in the bill?

The impact survey amendment was contentious because it lacked a clear funding plan and there were concerns about potential bias, as it could be funded by parties with vested interests.

What was the role of local municipalities in the context of the bill?

Local municipalities already have regulations and permitting processes in place for short-term rentals, including safety checks, and some argue that they should be the ones to handle tax policies rather than a state-wide approach.

How did the podcast hosts feel about the time spent at the capital during the hearing?

The hosts felt that the time spent at the capital was worth it, as it allowed them to have a voice and influence the outcome of the bill, despite the long hours.

What was the significance of the number of people scheduled to testify against the bill?

The large number of people scheduled to testify against the bill, around 150, indicated strong opposition and brought significant attention to the potential negative impacts of the bill.

How did the hosts describe the demographic of people present at the hearing?

The majority of people present at the hearing were individual homeowners with one or two rentals, not big corporations or large investors.

What was the hosts' view on the importance of being involved in local politics?

The hosts emphasized the importance of being involved in local politics, stating that it has a more direct impact on people's lives and businesses than national politics.

What was the hosts' opinion on the timing and handling of the bill and its amendments?

The hosts expressed skepticism about the timing and handling of the bill and its amendments, suggesting that it might have been rushed and potentially designed to limit opposition.

What was the hosts' advice for those interested in short-term rentals regarding future legislation?

The hosts advised staying informed and engaged with local politics, as future legislation could come in different forms and affect the short-term rental industry.