Newark to Tax Airbnb Rentals at the Same Rate as Hotels
New Jersey’s largest city will tax Airbnb rentals at the same rate as hotels.
Newark Mayor Ras Baraka announced Tuesday the city had reached an agreement to have the company collect a 6 percent hotel tax on rentals that previously were not regulated. The city estimates the deal will add $750,000 in revenue in the first year.
Under the agreement, residents would be allowed to rent their homes for less than 30 days and would limit the number of properties that one user could rent to five to prevent the creation of informal Airbnb hotels.
According to a statement released by the city, Airbnb praised the agreement with Newark as a “smart, fair approach” to online home rentals.
To Read The Full Story
Are you already a subscriber?
Click "Sign In" to log in!
Become a Web Subscriber
Click “Subscribe” below to begin the process of becoming a new subscriber.
Become a Print + Web Subscriber
Click “Subscribe” below to begin the process of becoming a new subscriber.
Renew Print + Web Subscription
Click “Renew Subscription” below to begin the process of renewing your subscription.