Eligible businesses within the BID footprint will pay a levy of 1% of their non-domestic rateable value annually.

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The panel was set up in 2008 to hear complaints against Tax on Real Property assessments, which replaced Tax on Rateable Values in that year.

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Businesses in Hull city centre are obliged to pay a levy of 1% of the rateable value of their property to fund the Hull BID project.

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Sheffield Chamber of Commerce said all businesses protected by the new flood defences would become part of the BID, and would have to make payments based on their rateable value over a period of five years.

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"As a result of applications and appeals from ratepayers in some developments of this nature, a number of properties have received reductions from LPS in their rateable valuations to reflect the difficult local circumstances, " the statement said.

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