(a) Rental income received by a taxpayer shall be included in the computation of net profits from business activities under divisions (c), (d) and (e) of Section 193.22, only if and to the extent that the rental ownership, management or operations of the real estate from which such rentals are derived (whether so rented, managed or operated by a taxpayer individually or through agents or other representatives) constitutes a business activity of the taxpayer in whole or in part.
(b) Residents are required to file and report the status of all property located within and without the City. Nonresidents are required to file and report the status of all property within the City whether or not income is received. When the gross monthly rental of any and all real properties aggregates in excess of one hundred twenty-five dollars ($125.00) per month, the net income shall be subject to tax. City residents owning rental property located outside of the City are required to file the net profit or loss with the City and pay any tax due. In the case of commercial property, the owner shall be considered engaged in a business activity when the rental is based on a fixed or fluctuating percentage of gross or net sales, receipts or profits of the lessee, whether or not such rental exceeds one hundred twenty-five dollars ($125.00) per month; provided further that in the case of farm property, the owner shall be considered engaged in a business activity when he or she shares in crops or when the rental is based on a percentage of the gross or net receipts derived from the farm, whether or not the gross income exceeds such one hundred twenty- five dollars ($125.00) per month; and provided further that the person who operates a licensed rooming house shall be considered in business whether or not the gross income exceeds one hundred twenty-five dollars ($125.00) per month.
(Ord. 1966-104. Passed 12-30-66; Ord. 2004-36. Passed 12-13-04.)