(A) Effective January1, 2018, each occupant shall pay a TLT in the amount of 2.50% of the rent. The occupant shall pay the TLT with the rent to the local tax trustee. TLT amounts shall be rounded down to the nearest cent. The local tax trustee shall maintain records of all rent charged and TLT payments received. If rent is paid in installments a proportionate share of the TLT shall be paid by the occupant to the local tax trustee with each installment unless the occupant pays the entire amount with the first payment.
(B) Bills, receipts or invoices provided to occupants shall list the city TLT separately and must accurately state the amount of tax. All amounts listed as TLT on invoices, bills or receipts must be reported as TLT and, after collection, must be turned over to the city, less the 5% administrative charge.
(C) The TLT shall automatically sunset on December 31, 2027, unless re-authorized by the City Council.
(Ord. 2017-13, passed 11-27-2017)