After a public meeting in November the Breckenridge Town Council voted to move forward and raise short term rental fees. The proposed ordinance suggested a fee of $756 per bedroom. During the meeting a lower rate was decided on for the first year and a few exemptions were discussed. If you short term rent your property inside the town limits of Breckenridge the new rules go into effect for 2022 and apply to you.
2022 Short term rental fees in Breckenridge
The ordinance has gone into effect and increases the fees for 2022 to $400 per bedroom (or studio) plus an annual license tax between $75 and $175 per unit depending on the size of the unit. Let’s put some real numbers to this. If you own a 2 bedroom condo in Breckenridge, your looking at a license tax of $125 plus a per bedroom regulatory fee of $800 for 2022. A total of $925 compared to a previous cost of $35. In addition to the 2022 cost increase, that $400 per bedroom charge is set to increase to an amount up to $756 per bedroom beginning in 2023.
If the home is your primary residence and you are renting it out for 21 days or less, you do not have to pay the regulatory fee. There are license discounts for renting your primary residence as well as for a few other situations.
Breckenridge’s new ordinance
Read the new ordinance regarding short term rentals in Breckenridge for complete information on the changes. There are advertising requirements and occupancy limits as well. It’s a good idea to know what the requirements are prior to buying in Breckenridge.
Remember, if you do not renew, you will forfeit your license and the ability to short term rent your property. If you want to short term rent again, you will find yourself on the waiting list for a license. The new license cap of 2200 licenses has created a waiting list that is likely a couple of years long.
Other local areas considering higher fees
The town of Frisco had a meeting considering a fee increase for short term rentals. Frisco is proposing an excise tax which would need voter approval. Get a little more information about the discussion at the November 30th Town Council Meeting recap.
2021 has been a year of short term rental changes. I expect more are on the horizon. The Town of Blue River and Dillon have both had discussions regarding rentals. If you are buying or selling a property in Summit County, or really, any market across the country, make sure you are aware of local short term rental regulations.