LA has collected $275M in taxes from Airbnb hosts in just 7 years.
The City of Los Angeles Collects Over $275 Million in Lodging Taxes
The City of Los Angeles has recently made a significant financial gain, collecting an impressive sum of over $275 million in lodging taxes. This achievement comes after the city entered into a voluntary tax collection agreement with the popular online accommodation platform, Airbnb. The announcement was made by city officials on August 9th.
Transient Occupancy Tax and Online Travel Companies
Under the official term of the transient occupancy tax, online travel companies like Airbnb are responsible for collecting and remitting taxes on the discounted rates offered to travelers. This tax is crucial for the city’s revenue and helps support various public services and infrastructure.
The voluntary tax collection agreement between the City of Los Angeles and Airbnb has proven to be highly successful, resulting in a substantial financial boost for the city. Over the course of almost seven years, from August 2016 to June 2023, the city has managed to accumulate an impressive sum of over $275 million in lodging taxes.
This achievement highlights the importance of collaboration between online platforms and local governments. By working together, both parties can ensure the fair collection of taxes and contribute to the overall growth and development of the city.
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