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5 YEAR
<br />Hoosier Tank and Manufacturing, Inc.
<br />South Bend Portage Township
<br />Personal Property Tax Abatement Schedule*
<br />Tax Key Number
<br />Current Assessed Value:
<br />Estimated Project Cost:
<br />018-2184-693803
<br />846,550
<br />950,000
<br />24-Nov-09
<br /> 40% 56% 42% 32% 24%
<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% 846,550 846,550 846,550 846,550 846,550 846,550
<br />Base Assessed Value 380,000 532,000 399,000 304,000 228,000
<br />Less Abatement Deduction (380,000) (425,600) (239,400) (121,600) (45,600)
<br />Net Assessed Value 846,550 846,550 952,950 1,006,150 1,028,950 1,028,950
<br />Property Taxes:
<br />Assume constant tax rate of 4.3015% 4.3015% 4.3015% 4.3015% 4.3015% 4.3015%
<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 />36,414 36,414 40,991 43,280 44,260 44,260
<br />(6,381) 0 0 (402) (4,108) (6,388)_
<br />30,033 36,414 40,991 42,877 40,152 37,872
<br />3.0000% 25,397 36,797 41,357 37,367 34,517 32,237
<br />0.5477% 4,637 4,637 5,219 5,511 5,636 5,636
<br />30,033 41,433 46,576 42,877 40,152 37,872
<br />New Combined Net
<br />Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1 30,033 13,481 43,514 7,100 36,414
<br />2 30,033 18,874 48,907 7,916 40,991
<br />3 30,033 14,155 44,188 1,311 42,877
<br />4 30,033 10,785 40,818 666 40,152
<br />5 30,033 8,089 38,122 250 37,872
<br />Totals 150,165 65,384 215,549 17,243 198,307
<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.
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