What is short-term or vacation rental?

“Short-term rental” or “vacation rental” means any individually or collectively owned single-family or one-to-four-family house or dwelling unit or any unit or group of units in a condominium, cooperative or timeshare, that is also a transient public lodging establishment or owner-occupied residential home offered for transient use.  Short-term rental and vacation rental do not include a unit that is used for any nonresidential use, including retail, restaurant, banquet space, event center or similar use. (Town Code Section 10-14-1)

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1. What is short-term or vacation rental?
2. Are short-term or vacation rentals allowed in Paradise Valley?
3. Are short-term or vacation rentals allowed in every neighborhood?
4. May residential properties be rented for commercial events?
5. Do short-term or vacation rental properties pay taxes?