October 31, 2025
On June 24, 2025, the Board of Directors of the Third Avenue Business Improvement District (BID) held its end-of-year board meeting and voted to approve a multi-year phased increase to our assessment budget.
The Third Avenue BID has not had an assessment increase in over 15 years. To keep up with rising costs, address serious quality of life concerns, and promote the continued vibrancy of the district, an assessment increase is a necessary step as we plan for long-term sustainability and growth. Earlier this year, the BID surveyed its board and members, including property owners, and close to 70% of survey respondents were in favor of an assessment increase. Since the last assessment increase 15 years ago, the BID has been significantly impacted by rising inflation rates, rising consumer prices, and the impacts of the COVID-19 pandemic.
The proposed BID assessment increase would increase the current $450,927 annual assessment budget cap to a maximum of $700,000 over three years beginning in July 2026 (the start of Fiscal Year 2027). Over the course of this multi-year budget adjustment, the assessment rate on benefited properties within the BID district may increase from approximately $133.45 per commercial square foot frontage to a maximum of $207 per commercial square foot frontage. The assessment of most residential spaces in the BID will remain the same – $1 per residential tax lot. It is important to note that the board would only be voting to lift the assessment cap. The board would still have discretion every year on the amount by which it approaches the cap. This increase requires legislative approval of the New York City Council. The City Council Finance Committee will hold a public hearing inconsideration of this and other Business Improvement Districts’ assessment increases on November 12th at 10AM. The hearing will be held in the City Council Committee Room, 2nd Floor, City Hall, Manhattan.
We realize that any increase in billing is significant. Our organization believes that it is more important than ever to sustain a cleaner, safer, and more vibrant district to ensure the stability and growth of the BID in the years to come. We are grateful for the leadership, vision, and dedication of so many of you in working with our BID toward the continued improvement of the Bronx’s oldest and most heavily trafficked commercial district.
