County of Ventura (San Buenaventura) Short-Term Vacation Rentals Ordinance Bond
What is the Short-Term Vacation Rentals Ordinance?
The City of Ventura (San Buenaventura) has certain rules for residents renting residential properties under 30 days. The City’s ordinance aims to facilitate the coexistence of STVRs or Short-Term Vacation Rentals and residents in the neighborhoods of Ventura. It is important to familiarize yourself with the requirements for STVRs.
Owners of STVRs are required to:
- Have an active Short-Term Vacation Rental permit for all residential dwelling units not located in a hotel.
- Have an active City of Ventura Business License that is renewed annually.
- Pay Transient Occupancy Tax (TOT) which amounts to 10% of rent received (on stays of 30 days or less). All STVRs must submit a TOT tax report and payment every month.
Aside from the permit, license, and tax reports, owners and tenants of STVRs must also abide by the City’s Performance Standards. It contains rules and regulations covering the use of property, the content of rental agreements, items posted inside the property, and other pertinent city conditions.
For more information on the City of Ventura Performance Standards, you may read the Ventura Municipal Code 6.4555.
What is the City of Ventura Short-Term Vacation Rentals Bond?
For a business to operate and activate its license, a $1,500 bond with the City of Ventura (San Buenaventura) must be filed. The bond provides the Obligee (City of Ventura) a guarantee that the owners and tenants will uphold the required standards and rules of the city pertaining to STVRs.
It also ensures that the STVR owners and tenants are held liable for their actions, and, therefore, must compensate for any damages or violations during the stay. It protects the Obligee (County of Ventura) from financial losses.
How does it work?
A surety insurance carrier certified by the City of Ventura (San Buenaventura) Department of Insurance issues the City of Ventura Short-Term Vacation Rentals bond.
The applicant or business is referred to as the Principal, the surety bond company issuing the Short-Term Vacation Rentals bond as the Obligor, and the City of Ventura (San Buenaventura) as the Obligee.
How much does it cost?
Normally, the amount will depend on the personal credit and license history of the business owners. For security, surety carriers run a credit report to ensure the business is capable of reimbursing the surety bond company. The City of Ventura (San Buenaventura) Short Term Vacation Rentals bond usually costs $100.
How can I apply for this bond?
You typically need a surety bond company to guide and help you obtain the bond. At Surety Bond Authority, we will do that work for you.
For a Short Term Vacation Rental or STVR permit to be obtained quickly, you also have to secure your bond as early as possible. Once you have decided, APPLY HERE and one of our trusted surety bond agents will provide you the best service possible. You will be guided from the time of your application until the bond has been issued to you.
To proceed with the application process, our underwriter will require some information including the:
- Nature of your profession or business
- Credit score
- Financial strength
It is important that the information you submit is accurate to accelerate the application process.
Next, all you have to do is wait for the assessment process and your bond will be issued and sent to you as soon as possible. At Surety Bond Authority, we value quality and fast service. Contact us today to get your bonds issued in no time!