It will actually pass your model as an implicit parameter, the same as if you were to call:
Now, in order for your partial to actually be able to use this, though, it too needs to have a defined model, for example: @model Namespace.To.Your.Model
Alternatively, if you're dealing with a value that's not on your view's model (it's in the ViewBag or a value generated in the view itself somehow, then you can pass a ViewDataDictionary
And then:
As with the model, Razor will implicitly pass your partial the view's ViewData by default, so if you hadViewBag.Id in your view, then you can reference the same thing in your partial.