|
5 YEAR
<br />SCRAPER GEAR WORKS, INC.
<br />South Bend German Township
<br />Personal Property Tax Abatement Schedule*
<br />Tax Key Number
<br />Current Assessed Value:
<br />Estimated Project Cost:
<br />018-3042-1621
<br />3,521,070
<br />2,800,000
<br />6-Aug-09
<br /> 40% 60% 63% 54% 46%
<br /> Current 100% 80% 60% 40% 20%
<br />Assessed Value: AV & Tax Year 1 Year 2 Year 3 Year 4 Year 5
<br />Current Assessed Value 100% 3,521,070 3,521,070 3,521,070 3,521,070 3,521,070 3,521,070
<br />Base Assessed Value 1,120,000 1,680,000 1,764,000 1,512,000 1,288,000
<br />Less Abatement Deduction (1,120,000) (1,344,000) (1,058,400) (604,800) (257,600)
<br />Net Assessed Value 3,521,070 3,521,070 3,857,070 4,226,670 4,428,270 4,551,470
<br />Proaerty Taxes:
<br />Assume constant tax rate of 4.2815% 4.2815% 4.2815% 4.2815% 4.2815% 4.2815%
<br />Gross Tax (tax rate x net assessed value)
<br />Less Circuit Breaker Credit
<br />Net Tax
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />Debt Service
<br />Circuit Braker Cap
<br />150,755 150,755 165,140 180,965 189,596 194,871
<br />(25,838) 0 0 0 (14,351) (25,671)
<br />124,917 150,755 165,140 180,965 175,246 169,201
<br />3.0000% 105,632 139,232 156,032 158,552 150,992 144,272
<br />0.5477% 19,285 19,285 21,125 23,149 24,254 24,928
<br />124,917 158,517 177,157 181, 702 175,246 169,201
<br />New Combined Net
<br />Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1 124,917 39,734 164,651 13,897 150,755
<br />2 124,917 59,601 184,518 19,378 165,140
<br />3 124,917 62,581 187,498 6,534 180,965
<br />4 124,917 53,641 178,558 3,312 175,246
<br />5 124,917 45,694 170,611 1,411 169,201
<br />Totals 624,585 261,253 885,838 44,531 841,306
<br />*This schedule is for estimation purposes only and assumes constant tax rates. The true tax values
<br />will ultimately be determined by the actual assessed valuation and the then current tax rates.
<br />
|