A: The Morristown Partnership receives approximately 50% of its funding via commercial property special assessments per municipal ordinance. Assessments are collected quarterly by the Town of Morristown. Morristown Partnership fundraises the remaining 50% of its annual budget through private donations, corporate sponsorships, event participations fees and collaborative advertising initiatives. The SID Assessment is calculated by multiplying the properties’ total assessed value by the SID rate (.105%) less any proration determined by the Tax Assessor.
Formula to determine your estimated annual SID payment:
Net Taxable Value (Land Value + Improvement Value) x .00105 = Annual SID Payment