BID projects are funded by raising finance, principally, through a levy. This levy is an investment by businesses within the Destination CQ BID area. The total revenue to be raised from the BID levy over its 5-year term is £1.7m. The levy is payable by all non-domestic properties within the BID area that are listed on the Local Non-Domestic Rating List (2016) with a rateable value of £1,500 and above (as received by Cathedral Quarter Trust on 28th August 2016 from Land and Property Services NI).
The annual BID levy is set at 1.5% of the Rateable Value of each eligible property (hereditament) as set out in the Local Non-Domestic Rating List for that financial year.To calculate your annual BID Levy based on a 1.5% charge divide your rateable value (RV) by 100 and multiply by 1.5. For example:
Rateable Value Calculation BID Levy £1,500 £1,500 / 100 x 1.5 £22.50 .