Taking into account the level of regeneration expected within the town centre, Croydon BID is making the pledge to freeze its levy at 1% of the rateable value of each hereditament*, underlining our continued commitment to support the business community during a period of great change.
The Croydon BID levy will raise £4.1 million to be spent exclusively in the BID area over its five year term. Where possible, Croydon BID will work with partners and stakeholders to supplement its annual income.
Croydon BID has considered the level of regeneration activity across the next five years, in particular the re-development of the Whitgift Centre and as a consequence reduced the levy income forecast. Furthermore our estimates have removed properties currently still in administration as per the 2016-2017 ratings list.
Premises with a rateable value of less than £40,000 are exempt from paying the BID levy.
Working Out Your Bid Levy
To calculate the amount of levy payable, simply multiply by 0.01, the rateable value of the business unit based on its rateable value as at 1st April each year. For example:
|Typical rateable value||Annual BID levy|