Skip to content Skip to right sidebar Skip to footer

BID Management and Funding

HOW IS THE BID FUNDED?

The BID is financed by annual fees collected from property owners. The Newmarket BID fee structure will be a tier of fees based on the assessed value of each property. Properties will contribute at different rates, based on their usage. The proposed tier of fees is as follows:

For commercial, taxable properties, the fee structure is:

  • .005 on the first $5 million or less of assessed property value.
  • .004 on the assessed property value greater than $5 million up to and including $10 million.
  • .003 on the assessed property value greater than $10 million up to and including $25 million.
  • .0008 on the assessed property value greater than $25 million up to and including $200 million
  • .0002 on the assessed property value greater than $200 million up to and including $500 million (on-site improvements and community benefits allowable as in-kind activity.)

For properties exempt from taxation, such as those owned by a non-profit organization, the fee structure is:

  • .0005 on the first $1,000,000 or less of assessed property value
  • .00125 on the assessed property value greater than $1 million up to and including $50 million.
  • .0005 on the assessed property value greater than $50 million up to and including $100 million.
  • .0009 on the assessed property value greater than $100 million up to and including $200 million

For residential, non-owner-occupied properties, the fee structure is:

  • .001 on the first $25,000,000 or less of assessed property value.
  •  .0007 on the assessed property value greater than $25 million and up to and including $200 million

Properties that are owner-occupied residential are exempt from all BID fees.

 

HOW IS THE BID MANAGED?

It is anticipated that the Newmarket Business Association’s executive director and staff will become the initial administrative arm of the BID. The NBA has promoted the interests of the Newmarket area for decades, and is well-versed in both understanding the needs of the community and the channels through which to achieve the District’s aims. A board of directors representing property owners, businesses, residents, city and other key stakeholders within the District will make program and budget decisions and will hold management accountable to the needs and desires of the community.