Eagle eying short-term rental regulations
Licenses, fees could generate $266K by 2023
EAGLE — Regulating short-term rentals could generate more than a quarter million new tax dollars for the town by 2023.
The Eagle town board took its second look at regulations to help deal with the town’s growing number of short-term rentals — things like Airbnb.
Right now, Eagle has approximately 65 short-term rentals, renting for $139 per day for an average of 175 days per year, according to the town’s data. Eagle’s short-term rental market is projected to grow 19% per year, according to an analysis.
By 2023, Eagle’s short-term rentals could generate $266,187 for the town under the projections.
And that’s not all
The people renting will generate another 140% in sales taxes, above the cost of the rental, the analysis found.
Much of Tuesday’s town board discussion centered on how much oversight the town wants to be involved with.
“I see this as an amazing opportunity to expand our bed base,” Board Member Kevin Brubeck said. “We don’t need to micromanage this.”
Matt Solomon lobbied for simplicity, suggesting a $75 business license fee for each property, the lodging taxes and sales taxes, and have a third party vendor administrate it.
“Let’s keep this simple. If a homeowners association doesn’t want this, let them deal with it,” Solomon said.
Noise restrictions and carbon monoxide inspections will likely be part of the regulations. Owners or property managers will have to be close by in case there’s an emergency.
They’ll take another look at it during their March 24 meeting.
Regs around the valley
Vail passed short-term regulations in 2017. Your license will cost $150 per year and you’ll pay the town’s lodging tax. If you don’t, the fines run up to $2,650 per day and 90 days in jail.
Minturn charges short-term renters $300 for a short-term rental license. Owners also need state and local sales tax licenses. In Minturn, renters must own their units for two years before putting them into the short-term market.
Red Cliff allows anyone to short-term rent their unit if they have a business license from the town, and if they pay the town’s 3% lodging tax.
Avon has a special district for short-term rentals. Owners must buy a license and pay the 4% lodging tax in addition to the standard sales tax.