Are short-term or vacation rentals allowed in Paradise Valley?

In 2017, the Arizona State Legislature enacted A.R.S. §9-500.39 which preempts local authorities, including Paradise Valley, from regulating short-term rentals based solely on their classification or use. Consequently, these rentals are allowed by state law.  Additionally, long-term rental (greater than 30-days) is permitted under Section 1004 of the Town of Paradise Valley Zoning Ordinance.  Whether the property is rented short-term or long-term, the entire property must be rented as a whole.  Accessory buildings may not be leased, subleased, or rented separate and apart from the main building and no main building may be leased, subleased, or rented separate and apart from an accessory building.

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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?