NCSSA Legislative Alert!

The North Carolina Self Storage Association wants to make you aware that a potential 4% Sales Tax assessment on self storage is being considered in the North Carolina Senate.  How does this affect you as a Storage Facility Owner/Operator?

• With the current economic decline, occupancy rates tumbling and rental rates stagnant, the last thing our elected officials should do is place an additional tax on an already economically stressed client base.
• Secondly, it will be incumbent on you, the owner/operator, to inform your current customers of this additional tax that will be interpreted by our clients as a rate increase.
• Additionally you will incur the entire expense of notifying your customer base of this new tax.  This is inclusive of any codicil within the lease/rental agreement you are using.  For example: postage, letterhead, certified mail and lost time of owners, operators and employees attempting to contact customers.
• With this new tax you, the owner/operator, will pay additional expenses for the collecting, reporting and accounting of potentially thousands of dollars of money that will be ultimately remitted to the state coffers and will reap no benefit from any reduced local or state property taxes.

The NCSSA vehemently opposes any bill drafting or legislative action regarding this matter.

This information has been brought to the attention of the Executive Board of the NCSSA and me through the tireless efforts of McGuireWoods Consulting.  This brief memo is being distributed to both NCSSA members and non-members in effort to inform and educate our peers in Legislative matters that will ultimately affect our industry.  As more information becomes available we will disseminated it as quickly as possible. 

In closing, if you are not a member of the NCSSA, we encourage you to visit our Web site at www.ncssaonline.org for information on joining, or contact the NCSSA office at 919.459.2074.

Click here for more information on the sales tax issue.

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