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BIG Industry NEWS UPDATE 2019!!
CAPE COD SHORT TERM RENTAL TAX UPDATE 2019
December 29, 2018 Update:Governor Baker signed the bill into law on December 28th, 2018. Here is coverage from the Boston Globe. While we are disappointed and feel there will be impacts to the local Cape Cod economy that relies on tourism, we do have a plan to be ahead of these changes and make the most of this for our rental homeowners and guests. For many properties the tax should be from 12.45 to 14.45% on the Cape depending on the town. What does this new law require? The new law expands the state's hotel and motel tax to include the short-term rental of homes (condominiums, single family, multifamily, etc.). Massachusetts is one of the last states to adopt this type of tax. The tax applies to all rentals for a period of 31 days or less, regardless of whether the rental is for recreational, personal, or business use. At the insistence of MAR, the new law only applies to short-term rentals, meaning ordinary tenancies, such as an annual lease or a tenancy-at-will, are not covered by this bill. Tax StructureThe short-term rental rate varies by locality and is the total of the following rates: State: 5.7%Local: up to 6% (Boston 6.5%) - (many Cape towns are at 4% and some are at 6% currently. That said our sources expect towns to raise their tax to 6%. Please lobby your town legislators to consider holding off to measure the impact of this over 10% tax on tourism's effect on the local economy. Cape Cod & Islands: includes additional 2.75% to fund Cape Cod and Islands Water Protection Fund A community impact fee of up to 3% may be assessed locally on professionally managed properties (Owners of two or more units in one town).The law requires regulations to minimize the administrative burden on tax filings for those who only rent their unit five (5) months or less each year. contact us today.
We proudly present our all-inclusive Real Estate Resource Center on Cape Cod, Massachusetts serving the towns of Barnstable, Bass River, Bourne, Brewster, Buzzards Bay,
Cataumet, Centerville, Chatham, Chilmark, Cotuit, Craigville, Cummaquid, Dennis, Dennisport, East Brewster, East Chop, East Dennis, East Falmouth, East Harwich, East Orleans,
East Sandwich, East Wareham, Eastham, Edgartown, Falmouth, Forestdale, Gay Head (Aquinnah), Green Harbor, Harwich, Harwichport, Hatchville, Hyannis, Hyannisport,
Marstons Mills, Martha’s Vineyard, Mashpee, Mattapoisett, Menemsha, Monument Beach, Nantucket, New Seabury, North Chatham, North Eastham, North Falmouth, North Truro,
Oak Bluffs, Onset, Orleans, Osterville, Otis Air Force Base, Pocasset, Provincetown, Sagamore, Sagamore Beach, Sandwich, Silver Beach, South Chatham, South Dennis,
South Harwich, South Orleans, South Sandwich, South Wellfleet, South Yarmouth, Teaticket, Tisbury, Truro, Vineyard Haven, Waquoit, Wareham, Wellfleet,
West Barnstable, West Chatham, West Chop, West Dennis, West Falmouth, West Harwich, West Hyannisport, West Tisbury, West Yarmouth, Woods Hole, Yarmouth, Yarmouthport
We do it all with a personal touch and look forward to helping you find the ideal property whether you are moving four miles or four thousand miles.