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)
CECL Accounting Standard: What You Need to Know
The Financial Accounting Standards Board Accounting Standards Codification (FASB ASC) 326, Financial Instruments-Credit Losses, became effective for all entities on January 1, 2023. This accounting standard introduces the current expected
Assessing the Likely Tax Impacts of the 2024 Election
President-Elect Donald Trump will return to the White House in 2025 — a year that already was expected to see significant activity on the federal tax front. A projected unified
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
