BINGHAMTON, N.Y. — Airbnb, the online rental service, will start paying occupancy taxes to Broome County under a new agreement.
The online service, which allows homeowners and others to rent out space in their own properties, estimates it will pay the county $27,000 a year.
Jerome Knebel, Broome County’s director of the Office of Management and Budget, says the agreement has been in the works for six to eight months and was approved by county legislators at their May meeting.
(Sponsored)
Why ESG and Sustainability Reporting Matters for Your Business
As the landscape of financial reporting has evolved, the concept of environmental, social and governance (ESG) and sustainability has grown exponentially. In 2011, only 5% of S&P 500 companies reported
Inflation and Insurance Rates: How to Offset the Impact
Many industries have been hit by inflation where it hurts the most, our pockets. Inflation is raising the price of goods and services including food, housing, transportation, and medical care.
Under the agreement, Airbnb will pay the county’s 5 percent occupancy tax, transmitting funds quarterly.
The occupancy tax, Knebel says, is dedicated to economic development, including marketing materials, support for the zoo, and other “growth-type ideas.”
While the expected $27,000 is less than 2 percent of the $1.93 million in occupancy taxes Broome County collected in 2017, it represents taxes on $540,000 of rental income. “It’s not insignificant,” says Knebel.
Contact McChesney at cmcchesney@cnybj.com