Questions about the tax on short-term private home rentals?
Monday, June 29, 2015
House and Senate approve 8% rental tax - Article 11 of the RI FY 2016 Budget (H 5900 Sub A) requires a homeowner or rental agent to collect an 8% tax (7% sales tax and 1% hotel tax) from each tenant who rents an entire cottage, home, or other residential dwelling for 30 days or less*.
Plan to replace cesspools within 12 months after closings planned for January, 2016
Monday, June 29, 2015
Plan to replace cesspools within 12 months after closings planned for January, 2016 - Warwick, RI June 19, 2015...Both House and Senate voted overwhelmingly (61-9, 53-1) to approve legislation to require all cesspools in the state to be replaced with an on-site wastewater system or connect to sewer where available within 12 months of the sales or transfer of real estate, starting with closings on January 1, 2016 or later. If you’re buying or selling real estate with a cesspool, plan on addressing this in your negotiations.
REALTOR Association Responds to House Passage of Tax on Short Term Private Home Rentals
Tuesday, June 23, 2015
REALTOR Association Responds to House Passage of Tax on Short Term Private Home Rentals - Warwick, RI, June 18, 2015 –The Rhode Island Association of Realtors (RIAR) today issued the following statement from President Bruce Lane regarding the proposed tax on short term private home rentals.
Activity Building in Rhode Island's Housing Market
Thursday, May 28, 2015
Activity Building in Rhode Island's Housing Market - Warwick, RI, May 28, 2015…The number of Rhode Island’s single family home sales rose two percent in April from 12 months earlier, while the median price of single family homes sold fell by five percent. April’s moderating market was the result of harsh winter weather in February and March, according to the Rhode Island Association of Realtors, which released April’s Rhode Island home sales statistics today.
Rhode Island's Housing Market Continued to Improve in First Quarter
Wednesday, April 29, 2015
Rhode Island's Housing Market Continued to Improve in First Quarter - Warwick, RI, April 29, 2015… Even with near record-breaking snow fall, Rhode Island’s housing market continued to improve in the first quarter. Sales activity among single family homes rose five percent year over year and the median sales price increased four percent to $202,500.
RI Home Closings Increase Moderately in March Despite Harsh Weather in February
Monday, April 27, 2015
RI Home Closings Increase Moderately in March Despite Harsh Weather in February Warwick, RI, April 27, 2015… Despite harsh winter weather, single family home sales held their own in March. Sales activity increased two percent from 12 months earlier and the median sales price remained stable at $206,000, a slight increase from the median price of $205,000 in March, 2014.
Rhode Island bans cesspools for most types of real estate
Tuesday, April 07, 2015
Rhode Island bans cesspools for most types of real estate - Are you listing, selling, leasing, managing or investing in real estate with a cesspool? This is a reminder that Rhode Island law has prohibited the construction of new cesspools starting in1968 and requires existing cesspools in most types of real estate to be replaced with an on-site wastewater system or connect to sewer where available. Make sure that you understand the impact of the Cesspool Phaseout Act of 2007 on your real estate transaction.
Proposed Tax on $1 million+ Properties Would Do More Harm Than Good
Monday, March 30, 2015
Proposed Tax on $1 million+ Properties Would Do More Harm Than Good - Governor Gina Raimondo has proposed a $2.50/thousand tax on non-owner occupied properties valued at $1 million or more to raise estimated revenues of $11.8 million. Such a tax is not the answer to Rhode Island’s economic woes.
13% Private Home Rental Tax
Monday, March 30, 2015
13% Private Home Rental Tax - Governor Raimondo's budget proposal would impose a 13% tax on short term rentals. The proposal would treat the owners of private homes and cottages like hotels by requiring them to collect a 7% sales tax and 6% hotel tax for each tenant who rents the property for 30 days or less. This proposed tax will create burdens for Rhode Island's residential property owners and barriers for tourists. Please ask the Governor and our legislators to oppose this tax.
Sales of Single Family Homes Rise by Double Digits in February
Thursday, March 26, 2015
Sales of Single Family Homes Rise by Double Digits in February - Warwick, RI, March 26, 2015… Rhode Island’s single family home sales climbed 14 percent in February from twelve months earlier, according to statistics released today by the Rhode Island Association of Realtors. The median price of those sales also increased, rising from $185,000 in February of 2014 to $194,500 last month.