Prescott Drops Residential Rental Tax

The City of Prescott, Arizona, eliminated its transaction privilege tax (TPT) on long-term residential rentalseffective January 1, 2025. This means property owners no longer need to collect or remit city TPT for such rentals, although they must still register with the county assessor. The change only impacts long-term residential propertiesand does not affect other types of rentals like vacation rentals or commercial properties, which remain subject to TPT. The Arizona Department of Revenue closed TPT licenses specifically for residential rentals on December 31, 2024. Further information is available from the city's tax compliance analyst.

Read the full article on SignalsAZ.com: https://www.signalsaz.com/articles/prescott-drops-residential-rental-tax/

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