The number of homes on Martha’s Vineyard registered as short-term rental properties shot up by 35 per cent over the summer, with industry professionals pointing to the real estate market in explaining the increase.
More than 2,650 properties on Martha's Vineyard have registered as short-term rentals since the state expanded its tax levy on lodging almost three years ago.
Early returns are in for the Island’s first short-term rental tax, and while they show a marked increase, they haven’t quite matched up with lofty predictions.
The recent passage of a tax on short-term rentals has kindled confusion among homeowners and realtors who fear it could eventually impact the Island’s robust seasonal economy.
Two weeks after the short-term rental tax was signed into law by Gov. Charlie Baker, elected officials and town hall administrators on the Vineyard were busy sorting through the details and fielding phone calls from confused homeowners.
With an end-of-the-year stroke of the pen, Gov. Charlie Baker signed legislation last Friday extending state and local occupancy taxes now paid by hotels to short-term rentals such as those offered through Airbnb.
