Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

How is a business assessment prepared?

April 26, 2017assessment Business prepared

0

10 Posted

How is a business assessment prepared?

1 Answer

0

Posted

To estimate the typical net annual rental value of the various types of business premises, the Assessment Business Unit maintains information about the commercial and industrial rental market. Questionnaires are mailed to property owners, managers and agents each year. In addition, interviews may be conducted with tenants and agents. This rental information forms a database for the mass appraisal of business premises. Assessors analyze net rents paid for various types of premises and establish typical net annual rental rates. Business assessment is calculated by multiplying the total leased or occupied area (square footage) by the net annual rental rate for the type of premises. The assessment (square footage x net annual rental rate) shown on the assessment notice is multiplied by the tax rate set by City Council. The result is your tax levy.