Short-term rental property is now considered merchant’s capital and no longer considered personal tangible property. Jurisdictions may choose to tax said property as either “short-term rental property” as defined by VA Code §58.1-3509 , or “Merchant’s Capital” as defined by VA Code §58.1-3510. As a reminder, no jurisdiction is obligated to enforce a merchant’s capital tax. (Source: Attorney General Opinion, 12-105, 7/12/13.)
For more information please visit: https://leg1.state.va.us/cgi-bin/legp504.exe?000+cod+58.1-3510.6
Casey Herring is a Tax Research Analyst in the Research & Content group for ONESOURCE Indirect and Property Tax. She has been in the property tax research field for sixteen years, six of which she has spent with Thomson Reuters. Her past experience includes working at the New Mexico Department of Revenue, Tarrant County Tax Assessor-Collectors office, and Burr Wolff, LP. Casey earned her AA in Accounting from Pierce County Community College in Washington state.