Businesses responsible for the collection and remittance of TOT should keep accurate records for two calendar years. These records are subject to audit by the Office of the Commissioner of the Revenue.
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Transient Occupancy Tax (TOT) is a monthly tax collected by operators of public and private hotels, hostelry, inns, motels, tourist home or house, tourist cabin, boarding houses, campgrounds, and other lodging places that offer guest rooms or other accommodations rented out for continuous occupancy for fewer than 30 consecutive days.
Transients who stay 30 consecutive nights or more, are exempt from Chesterfield County TOT.
Transient reports and remittances are due on or before the 20th day of each month covering the amount of tax collected during the preceding month.
A penalty in the amount of 10% of the tax due, or $10.00, whichever is greater will be due. Interest will accrue on the amount due at a rate of 10% per year, calculated monthly beginning on the first day of the month following the delinquency.
If a tax was collected in error, it should be returned to the transient who was improperly charged. If the hotel, motel, boarding house, travel campground, or other facility cannot return the improperly collected tax to the rightful payer, the law requires that it must be remitted to the county with other TOT collections and not retained by the operators of lodging establishments as additional income.