Okay, here we are.
You have decided to purchase your dream home in Crested Butte, or you JUST have and now you’re trying to figure out all the nuances that come with mountain-home ownership. You flip on your computer and you start Googling the heck out of short-term rentals to figure out everything you need to know. And you start off strong. . . and then start to find that there are a few key questions that you can’t seem to get answered. Hey, I hear you and we are here for you.
First of all, let’s start with the basics. As I mentioned in my video already, the Town of Crested Butte and the Town of Mt. Crested Butte are actually different townsites. This means different town councils, mayors and different ordinances surrounding short-term rentals. On August 4, 2021, Mt. Crested Butte increased their license fees to $350 for a new annual license and $300 for a renewal annual license. Additional inspections are $75/each which is a new cost. While the town of Crested Butte has a cap on the number of licenses and caps them at 30% of inventory, Mt. Crested Butte is currently not capping the number of licenses that are available.
On September 1, 2021 the town council updated the Short-Term Rental (STR) Ordinance (7) and they updated the following eight aspects (as outlined by the Town of Mt. Crested Butte) and bullet-pointed below.
(Now, while I have listed all the Mt. Crested Butte data below, I want to mention that there are Three Key Items that every Crested Butte rental needs and that many owners don’t realize or overlook and it costs them valuable income dollars. The top three may surprise you! You can click HERE to view that video now.) Now read on to finish your data mining for Mt CB rentals.
Summary of the 8 Ordinance changes
- Addition of HOA approval requirement for single-family residential properties within an HOA. HOA Approval is now required on a yearly basis.
- Addition of a Good Neighbor Policy.
- Addition of a Personal Property Declaration Form for Gunnison County, if applicable.
- Additional requirement to post all relevant documents inside the property.
- Allowance of Town website posting of property address, owner name, local representative and phone number, and number of parking spaces allowed by the license.
- Addition of a penalty for delinquent taxes, which constitutes a lien on the property, including late payments and administration and attorney fees, if applicable.
- Addition of a fine structure for STR Ordinance violations.
- A new self-compliance affidavit.
The Mt. Crested Butte Short-Term Rental Guide: Get a copy of the PDF by clicking HERE.
For many folks that rent they end up utilizing one of the common rental sites available such as VRBO and Airbnb. These sites have been through many changes and now collect the taxes necessary for rentals in Mt. Crested Butte and will collect and remit on your behalf. Please note that these sites are constantly changing, as are the local STR rules, so it is always a good rule of thumb to verify this with your local jurisdiction. However, if you plan on renting the property and collecting and remitting taxes yourself or if you hire a local property manager, you will most likely need to get a local sales tax license. At the time of this blog, your contact to request this document is: Emily Wallick at firstname.lastname@example.org or call her at 970-349-6632.
Renewal for 2022 opened on November 1, 2021 and you can click HERE to view the link to start this process. As well, links to other documents such as the Good Neighbor program, to view the previous and current STR rules, to file a complaint, and other items can all be found within the same site. Owning a vacation rental comes with many aspects and understanding the regulations is just one aspect. If you’re considering a purchase in Mt. Crested Butte, book a consultation with Heather and she can expertly guide you through thee process of identifying the right property, understanding the current regulations, and how to mazimize your rental income.