rental license requirement for your home or condo

Hi!

Here is a new one for me: a local Village has passed an ordinance requiring all HOs who rent their residential property to attend an 8 hour seminar, have their property inspected to ensure code compliance, and pay a $500 license fee for a single family home and $75 for an attached home – condo, townhome (1 year, then $50 renewal), before being able to rent their home.

http://vil.carpentersville.il.us/PDF-files/RentalInspectionInformation.pdf

http://www.dailyherald.com/story/?id=350477&src=5

Does anyone else have such a requirement? For a condo or townhome?

Thanks,
Bonnie

Bonnie,

To my knowledge my city only requires the property owner to obtain a business license -- not sure what the yearly fee is. However, the Co also requires the prop owner to inform them that the prop is no longer owner occupied. The reason for this is that the prop tax rate is about double for rentals as it is for owner-occupied properties.