Santa Barbara TOT Increases 3.9% in October
Source: City of Santa Barbara
The City of Santa Barbara collected over $1.7 million in Transient Occupancy Tax (TOT) for the month of October 2017, which represents a 3.9% increase compared to October 2016. TOT collected from hotels increased 9.2% from the prior October, which was offset by a 74% decline in short-term rentals, as anticipated. The opening of a new hotel likely contributed to the strong hotel growth this month. Since short-term rentals constitute a relatively small portion of overall TOT, the large decline in this sector does not have a corresponding impact on overall TOT growth. This decline in TOT from vacation rentals is the result of the City’s efforts, beginning in fiscal year 2017, to enforce existing zoning ordinances prohibiting vacation rentals in certain zoning districts. The growth in hotel receipts and decline in short-term rental operations is consistent with the City’s budgeted estimates for fiscal year 2018.
The City has collected approximately $8 million in TOT revenue in the first four months of the fiscal year, which runs from July 1 through June 30. The adopted TOT budget for fiscal year 2018 is $19,262,400.
The Transient Occupancy Tax table can be viewed here.
Previous Revenue News releases can be viewed here: http://www.santabarbaraca.gov/