In what promises to be a very active legislative season, with over 250 bills having been introduced since the session opened, this week gave us the first bill that may be of interest to Common Interest Communities and their owners: Senate Bill SB20-109.
SB 20-109 will define property which is primarily used as a primary residential dwelling and only occasionally offered for use for Short Term Stays (defined as overnight lodging that is provided to an individual or business for less than thirty consecutive days in exchange for monetary payment) as residential property. However, if the property is only occupied for 30 days or less as a primary dwelling, and offered or used for Short Term Stays the remainder of the time, the property will be classified as non-residential property for taxation purposes for the next evaluation period. This classification of certain property as non-residential property may give an association flexibility in addressing investor owned properties used exclusively for short term stays without the need for an amendment to the Declaration.
Stay tuned for the latest from the legislature as this bill moves through the legislative process.