The More You Know: Investing in a Vibrant Downtown Troy
Since 2008, the BID assessment hasn’t changed. Costs have skyrocketed, but our funding hasn’t. We’re doing the most with the least, and it’s no longer sustainable.
We’re proposing a change to the BID assessment formula, increasing the BID rate from 5% to 15%. This shift allows us to continue delivering essential services and expand our impact in Downtown Troy.
What Your BID Dollars Do
EVENTS
MARKETING & BUSINESS SUPPORT
BEAUTIFICATION
We run EVERY SINGLE major event in Downtown Troy: Rockin’ on the River, Troy Night Out, Pride Night Out, Hot Chocolate Stroll, Pig Out, Chowderfest, Troyful Glow, and Shop Small, Shop Troy, all produced with lean budgets and limited staff.
Branded campaigns, digital ads, social media promotions, and PR outreach that highlight downtown businesses, attract new customers, and strengthen Troy’s reputation as a destination.
What we do now: Promoting 250+ businesses, 19K social media followers (up from 9K in 2022), billboards, TV commercials, daily digital promotion.
Seasonal flowers, new trees, litter removal, holiday décor, and revitalized tree beds make downtown more welcoming. Wayfinding signs, improved lighting, and coordination with City partners to ensure downtown is safe, accessible, and easy to navigate.
What we do now: hang 150+ hanging baskets, plant 70 planters, hang 50 holiday kissing balls, hang new banners, plant trees (12 planted in 2024), litter pick-up, cigarette receptacles.
These are core services funded by the BID assessment
The Current Budget
We are not using all of the money allocated on our budget especially towards staff because we need to save money
Current BID budget: $339,728
(only $175,000 from assessment).
We rely heavily on sponsorships and events to pay for our operations, if we do not hit our marks we do not have this budget
The Math
The Formula
The BID tax is calculated as:
(Assessed Value ÷ 1,000) × City Tax Rate (2024 City Tax Rate of $15.913085) × BID Rate
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Current BID Rate: 5%
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Proposed BID Rate: 15%
The Math
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The average increase under the proposed change is: $194.50 per month
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The median increase (what most property owners will experience) is: $34.15 per month
Example:
Let’s say your property is assessed at $250,000.
Using the official formula:
(Assessed Value ÷ 1,000) × City Tax Rate × BID Rate
With the 2024 City Tax Rate of $15.913085, here’s how it breaks down:
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Current Rate (5%)
$250,000 ÷ 1,000 × 15.913085 × 0.05 ÷ 12 = $16.58/month
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Proposed Rate (15%)
$250,000 ÷ 1,000 × 15.913085 × 0.15 ÷ 12 = $49.73/month
Comparison to Capital Region BID's
Comparing the %
The Dollars at Work
What’s True & What’s Not
Myth: “This is a big tax hike.”
Fact: “No. This is a targeted BID assessment adjustment. Even with it, we remain below many comparable BIDs.”
Myth: “I won’t see a benefit.”
Fact: “Funds go to visible street-level services, events, and business support that drive foot traffic.”
Myth: “Numbers aren’t clear.”
Fact: “We’re posting confirmed figures and sources on this page as we receive them.”
Myth: “If my property is assessed at $1,000,000, the BID will charge me 15% of that, so I’ll owe $150,000 a year!”
Fact: No. That’s not how the BID formula works. The BID is not a percentage of your property’s total value. Even for a $1,000,000 assessed property, the monthly BID cost would be in the hundreds of dollars, not tens of thousands. The formula spreads costs fairly across all properties, and for most owners, the actual monthly contribution falls closer to $100–$200 per month.
Myth: "Every downtown business will have to pay the BID directly."
Fact: There is no membership fee for businesses. Only property owners pay the BID assessment.
Myth: "This increase automatically makes it more expensive for small businesses to operate downtown."
Fact: Businesses won’t see any direct cost increase. The BID is funded through property owners, not through business membership fees. The services we provide actually lower costs for businesses by driving more customers and foot traffic and direct marketing for our businesses.
Myth: “The BID spends all their budget on staff salaries.”
Fact: That’s not true. Our actual staff costs, including taxes, are about $160,000. The rest is budgeted for flexibility, things like seasonal hires, future staffing needs, and required HR expenses. Right now, the BID runs on a lean team of just two full-time staff and one part-time beautification employee, and without staff, there’s no one to run events, coordinate services, or keep downtown clean and welcoming.
FAQ: Answers You’re Looking For
1. What is the Downtown Troy BID?
The Business Improvement District (BID) is a nonprofit that reinvests funds collected from downtown property owners into cleaning, safety, beautification, events, and business support.
2. Why are you proposing an assessment increase?
The current 5% assessment brings in $175,000, which is no longer enough to cover the cost of services and events. Increasing to 15% would raise $545,000 to sustain and expand BID services, and bring us in comparison with the local BIDs.
3. How much will this cost me?
It depends on your property value. The median increase is about $413.74 per year, less than $50 per month.
4. Does this replace or increase City taxes?
No. The BID assessment is separate from property taxes and goes directly toward BID services.
5. Who decides if this passes?
The Troy City Council must approve the increase after public hearings.
6. Do downtown businesses have to pay the BID assessment?
No. The assessment is paid by property owners, not businesses. Businesses do not pay a membership fee to the BID. If a landlord chooses to pass down some of their cost through rent, that’s their decision, but most businesses see the BID as a net benefit because of increased visibility, marketing, and customer traffic.
7. Who is a BID Member?
All stakeholders within the Downtown Troy BID are considered members, divided into three classes:
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Class A – Property Owners
Own property in the district and fund the BID through the special assessment. -
Class B – Businesses
Commercial tenants (stores, offices, restaurants) who lease space and benefit from BID services. -
Class C – Appointed Members
Representatives who impact BID programs and improvements. In Troy, these appointments include:-
The Rensselaer County Chamber of Commerce
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The City of Troy
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A Downtown Resident
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A Rensselaer County Representative
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Russell Sage College
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Rensselaer Polytechnic Institute (RPI)
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Together, these groups ensure property owners, businesses, and community partners all have a voice in shaping Downtown Troy.
8. Will this make it harder for small businesses to survive?
The opposite, our programs are designed to support small businesses by making Downtown Troy cleaner, safer, more vibrant, and more visited. Events like Chowderfest, Riverfest and Shop Small Shop Troy bring thousands of people downtown, directly boosting sales.