You and your business are considered a BID member if your business property falls within the limits of the town-defined business district. The district extends from Route 57 to Lawrence Drive, Willow Grove Street, Route 517 to the town line up to Cochran’s Funeral Home, from Stiger Street to Hackettstown Motor Imports, and Grand Avenue.
Having a Hackettstown mailing address for business or residence does not automatically qualify one’s business to be included in the BID. Mixed use or commercial properties can be considered, however properties are predominantly retail-oriented, and residential properties are not considered or included.
The BID assessment formula is used to determine the amount that each property owner pays each year based on a benefit-cost ratio in a tiered hierarchy, with Tier 1 properties receiving the highest rates (relative to property value, with properties valued highest being on Main Street). Most additional properties fall into Tier 2, with a handful in Tier 3, and 1 property that falls into Tier 4, and is a multi-property listing.
Tier 1 pays the highest rate relative to property value (valued highest being on Main Street).
Therefore a formula could be considered as follows:
- Gross values of Tier 1 properties x Rate 1 = #
- Values of Tier 2 x Rate 2 = #
- And so on. From there, all sum numbers are used to create a fair rate.