Annual Assessment Verification

The steps below outline the BID billing process. The City of New York Department of Finance distributes 50% of the BID’s assessment at the start of the fiscal year and the other 50% in the second half of the fiscal year.

Generating Data (January)

The Department of Finance releases the data necessary for BID billing to SBS, who prepares the data and sends it to the BID for their review.

Review Process (February—April)

SBS sends the data files including the tentative assessed values and square footage of all the billed properties to the BID. The BID then compares the data against the previous year’s assessment role and ensures the information is accurate. Each BID is responsible for determining its own accurate assessment roll.

SBS works with the BID to determine accurate billing. Any changes in the district properties such as billing classification, vacancies, or new developments should be reflected in the current billing. Any issues regarding exempt properties listed on the billing will also be resolved.

Billing (May)

Once the review process is complete, the BID verifies that billing information is correct by signing the verified billing statement . SBS then submits the verified statement to the Department of Finance, which will begin billing properties within the district.