The City conducts assessments annually on all businesses within a BIA by placing a value on any space occupied or used for the operation of the business.
The value is determined using typical net rents paid for similar space within the BIA. Analysis of rental information collected from landlords, tenants and building managers is used to determine the value of different types of space.
The resulting net annual rental value is based on factors recognized in the marketplace such as space type, location, quality of space and size. The typical net annual rental value is based on averages in the marketplace and may not necessarily be the same as the actual rent paid for the space.