The following list of terms are specific to the MID and the of City of Seattle.
In the context of the MID, a ratepayer is defined as a property or condo owner within the MID boundaries. Properties that are owned by non-taxable entities – such as the Convention Center or any of the City, County, and Federal buildings – are not considered ratepayers unless they have agreed to voluntarily contribute to the MID, at which point they are referred to as “voluntary ratepayers.”
A Business Improvement Area (BIA) is an area designated by the Seattle City Council in which businesses and property owners can finance effective marketing, promotional and revitalization programs for the area. It is a state-enabled entity per RCW 35.87A. Currently, there are eight other BIAs in the City of Seattle.
A Business Improvement District (BID) is an interchangeable term with BIA. Other terms include Business Revitalization Zone (BRZ), Community Improvement District (CID), Special Services Area (SSA), and Special Improvement District (SID).
The Metropolitan Improvement District (MID) is the name of the BIA that covers the Belltown, West Edge, Denny Triangle, Retail Core, and Pioneer Square neighborhoods.
The Downtown Seattle Association (DSA) is a non-profit member-based organization dedicated to ensuring Downtown’s health and vibrancy through advocacy, economic development and marketing, as well as a variety of commuter and neighborhood cleaning, hospitality and safety services. The DSA manages the MID.
King County Assessor
The King County Assessor’s handles assessments of more than 660,000 residential and commercial parcels in King County valued at $3.4 billion in 2010. The staff, which includes certified residential and commercial appraisers, uses a variety of methods to establish property values, including on-site inspections, comparable sales of similar properties, comparisons of select properties and evaluation of other data, such as income for commercial properties. All MID assessments are based on values as determined by the King County Assessor.
The Base Assessment provides the base for the calculation of each ratepayer’s assessment. The formula for the Base Assessment is the sum of $0.37 per $1000 of Total Assessed Value (TAV) and the result of $0.32 multiplied by the land square footage. The Base Assessment represents the highest amount possible for ratepayer’s assessment.
Once the Base Assessment has been determined, a property is evaluated to determine if any predetermined Ceiling rates are applicable. The final assessment is the lesser of the Base Assessment and the Ceiling. See the Assessment Formula table [LINK] for the list of Ceilings and their respective calculations.