Understanding the assessment process.
What is Business Assessment?
A business assessment is a value placed on premises occupied for the purpose of, or in connection with, conducting a business. It reflects the typical net annual rental value that has been established for the premises. Business assessment does not reflect a specific type of business, or the profitability of a business.
The business assessment is calculated by multiplying the area of the business premises used in connection with the business by the typical net annual rental rate per square foot for the type of premises.
Area x net annual rental rate = Business assessment value (net annual rental value)
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