LAKE OF THE OZARKS, Mo. -- A proposed state law could remove a major roadblock for Missouri homeowners who rent their home on a short-term basis.

State Representative Diane Franklin says she plans to introduce legislation during the 2017 legislative session that she hopes will resolve a highly controversial issue at the Lake: the assessment and taxation of residences that are rented on a short-term basis.

In Camden County, some homeowners offering vacation rentals have found their property taxes dramatically increased when they were suddenly reassessed at a Commercial rate.

The newly elected assessor, Marty McGuire, has pledged to end that practice, but if Franklin's bill passes, McGuire would have explicit state law backing him up.

Franklin says her bill would “clean up” the assessment question by specifying that such homes should be assessed at a Residential tax rate, apparently consistent with zoning. That was the topic of a meeting on Jan 12, 2016, between Expedia representatives and stakeholders, Franklin said. She added, “I was excited about hearing… from people who really do this: why they do it, how it's working out for them. For most people it’s a second home… supplement to their income.”

“There needs to be uniformity throughout the state,” she said of the issue.

A bill that tried to regulate homestays crashed and burned in 2016 after property owners took issue with the taxes and proposed regulations contained in the rapidly-changing bill, amended at the last hour by former Missouri Representative Eric Burlison, R-Springfield, on May 1.

Franklin's bill would be one piece of a two-pronged approach being pushed by vacation industry giant Expedia, with the aim of paving a way for the "sharing economy" in Missouri. The second piece involves proposed legislation that would prevent towns from banning short-term home rentals and would offer a framework for how those communities could regulate such rentals.

Franklin recalled Missouri Speaker of the House Todd Richardson talking during his opening address this year about Missouri's need to create a friendly environment for the sharing economy, which is currently dominated by ride-sharing and home-sharing services.

Franklin added, "Especially in our area [at the Lake], we want this to happen!"

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