base year

(redirected from Reference Years)
Also found in: Encyclopedia.

Base Year

The year against which the performance of an index is measured. For example, suppose the base year is 2001 and the initial value of an index is 100. If the index is 150 in 2009, it means that the value of the index is 50% higher in 2009 than it was in 2001. It is also called the reference year. See also: Base Value.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

base year

the initial period from which a system of INDEXATION proceeds. For example, the present UK Consumer Price Index has as the base period 1996 = 100, with the average price of a typical basket of goods in 1996 being taken as the basis for the index. The 2004 index number was 111 for all items in the basket of goods. Convention dictates that the base period always commences from the number 100. See PRICE INDEX.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

base (expense) year

In commercial leases, the year used as a measure of a tenant's obligation to pay the pro rata share of ever-increasing building expenses over time.The rent for the first year is usually calculated by the landlord so as to pay currently known building expenses and provide a profit. This is usually the base year. As expenses increase over time, the amount they exceed the expenses of the base year is the figure the landlord uses to calculate the tenant's pro rata share of the expenses.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
The majority of the identified and presumed victims over the three reference years are from EU Member States (61%), followed by victims from Africa (14%), Asia (6%) and Latin America (5%).
With countries continuing to announce mid-term emission reduction targets in the ongoing United Nations talks for a new climate treaty, the reference year they use when disclosing their goals is as much a political as a technical matter.
An Assembly spokeswoman said those affected could apply under hardship provisions if scheme participation had reduced their CAP payments in the reference years used to calculate SFPs.
She said farmers who have received their yellow SFP forms should consider carefully what their claims were before they entered an agri-environment agreement, and request an alternative reference year.
This will allow them to select which scheme within each of the reference years they are attempting to remove prior to the calculation of their historic payments.
"If their subsidy income was lower in one or more of the reference years through factors such as foot and mouth disease, then the figures may need to be challenged."
The CAP reform will pay a set amount to farmers based on the average number of livestock claims made during the three reference years (2000 to 2002).