Renting Your Home: Important Information
Since many residents rent their homes during season, which is January through March, Manager Jane Jarlenski asked us to remind owners of the rules regarding renting homes.
What are the rules?
Residents are permitted to rent their homes according to the following community rules:
· All renters must have a background check and be approved before moving in.
· Homes must be rented for a minimum of two months.
What is the Tourist Development Tax?
If residents rent their home for less than six months, then they are required to pay Florida sales tax and the Tourist Development Tax. The Tourist Development Tax is collected by each county in Florida. Pinellas County‘s rate is 6%.
The 6% Tourist Development Tax is collected along with a 7% sales tax for a total of 13% tax that should be paid by the renter and collected and remitted by the owner to the state. There are penalties involved for non-payment of the tax. For more information, go online to http://www.taxcollect.com/tourist/faqs/
If residents rent their homes for six months or more, then no tax is required to be remitted to the state. The tax is only paid for short-term rentals for less than six months.
Does Barefoot Realty offer rental services?
For homeowners who do not want to rent their home themselves, Barefoot Realty does offer a rental service. Our services include collecting and paying the taxes to the county and state, making sure that renters meet the age requirement and fill out proper residency forms required by the co-op, and we will make sure a background/credit check is completed, so the owner feels more comfortable about a renter who they may not know. We also have a checklist that residents can review to determine if their home is “rental ready.”
Barefoot Realty charges 10% of the rental fee to manage the rental and a $100 fee for filing the monthly or quarterly returns and submitting the taxes to the county and state. If any homeowner is interested in renting through Barefoot Realty, call toll free 877-360-7577.