Short-term rental operators are required to report and remit returns, together with payment, by the close of business on the last day of each month for the preceding month.
Any operator who fails to file the return and remit the tax within the time required shall pay penalty and interest. Interest is equal to one-half (0.5) percent per month as well as a penalty of 10% for each month. The penalty rates increase by an additional 10% per month. Penalties and interest cannot be contested or waived. Failure to remit TOT can result in a revocation lien against an owner, operator and authorized agent.