What is net rent?
Net rent is the typical annual rental value of similar space in an area, exclusive of all operating and occupancy costs. 6. What are the benefits of using net rent? • Properties typically lease in the marketplace on a net rent basis; ratepayers can easily compare their assessments for consistency with other businesses. • With fluctuating operating costs, particularly utilities for older properties, net rent provides a current, fair and equitable basis on which to distribute the business levy. 7. When are rental rates reviewed? Rental rates are reviewed and updated on an annual basis. 8. What can I do if I disagree with the new assessment? If you have concerns regarding your assessment, please contact our office to discuss it with a business assessor first. The assessor will make any necessary corrections and issue an amended notice.