The annual levy rate to be paid by each property is to be calculated as 1.5% of its rateable value as at the ‘chargeable day’ (1st February annually).
Properties with a rateable value of £8,000 or more will be liable for payment of a levy.
The number of properties or hereditaments liable for the levy is estimated at 181.
The levy will be charged as one amount annually in advance, with the chargeable period being February to January each year. No refunds will be available on the levy charged.
The owners of untenanted properties and charity shops will be liable for payment of the levy.
Applications for exemptions, reductions and capping of the levy rate can be applied to individual properties in exceptional circumstances. This will be the subject of review and approval by the BID company.
The rateable value is defined as the rateable value within the current council ratings list.
Where there is a change of use or a physical change to a property including inter alia; new construction, merger, subdivision, extension and refurbishment, an estimated levy will be applied.
If, during the term, the rateable value assigned to a property falls below £8,000 for whatever reason (either through physical change, change of use, or revaluation arising from the adoption of a revised Rating List), the property will be exempt from the levy from the next chargeable period.
If, during the term, a property or hereditament with a rateable value which had previously been below £8,000 threshold is assigned a new rateable value which is above £8,000, the property will be liable for the levy from the next chargeable period.
Croydon Council will be responsible for collection of the levy.
