base year
USA
The benchmark used to determine a tenant's proportionate share of taxes and operating expenses for premises located in a multi-tenant building. Depending on the terms of the lease, each lease year (other than the first lease year) the tenant usually pays to the landlord its proportionate share of taxes and operating expenses which are in excess of the amount incurred by the landlord during the base year.
The base year is usually the first year of the lease term, but it can be earlier or later depending on what is negotiated between the parties.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

Look at other dictionaries:

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