The BID assessment formula is used to compute the amount that each property owner (i.e property taxlot) pays each year. Due to the wide range of property types within the proposed BID district, creating a fair and reasonable BID assessment formula is the highest priority. The annual operating budget of $550,000 represents the total of all the BID assessments assigned to all the properties within the BID district.
Cooperatives and Residential Condominiums only pay a symbolic fee of $1 per year.
BID Law identifies the variables use in a BID assessment formula. The BID for SoHo’s Broadway takes into account a Base Fee, Broadway Frontage, Side Street footage (if applicable/corner properties) and Total Assessed Value for each property and for each BID property classification. Contact us for assistance and to confirm the estimated annual BID payment for your property.