Many San Francisco small property owners are unaware that they are require to pay parking tax for renting out even one parking space to a non-resident. Moreover, the city made it nearly impossible for small property owners to do so by requiring them to adhere by the same requirements as large parking lot operators including:
- owning the same revenue equipment as a commercial garage
- be fingerprinted
- have a mug shot taken
- post a bond
- pay an annual fee that was often larger than the parking tax owed
- make monthly tax payments with complicated reporting forms
So understandably, many property owners rented spaces to the public without paying parking tax, hoping instead to just remain under the city’s radar.
Thankfully, Supervisor Scott Wiener has come up with new legislation, which gives small property owners simpler and more manageable reporting requirements, which allows landlords to easily comply with the law as well as bring in much needed revenue for the city.
Please read the article by Supervisor Wiener for SFAA for more information.
Also, if you are interested in reporting your parking-related revenue, please download the form here.
If you would like our help in reporting your parking-related income to the Treasurer, please let us know.
Best,
Natalie M. Drees
Broker