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Tax Abatement Schedule prepared for: 31- Aug -06
<br />NILESMASHINGTON LP d /b /a AM GENERAL
<br />South Bend Portage Township 8 Year Real Property Abatement Schedule*
<br />' - This schedule is for estimation purposes only and assumes constant tax rates.
<br />The true tax values will ultimately be determined by the actual
<br />assessed valuation and the then current tax rates.
<br />Total estimated Project Cost:
<br />$2,509,000
<br />Base Assessed Value:
<br />$2,132,650
<br />(base
<br />assessed value is estimated at 85% of project cost)
<br />Assume constant tax rate of:
<br />5.1524%
<br />Assume constant SRTC of:
<br />21.6906%
<br />Assessed Gross Less
<br />Net
<br />Percent
<br />Tax
<br />Tax
<br />Year
<br />Value Tax SRTC
<br />Tax
<br />Abated
<br />Abated
<br />Paid
<br />1
<br />$2,132,650 $109,883 $23,834
<br />$86,049
<br />100%
<br />$86,049
<br />$0
<br />2
<br />2,132,650 109,883 23,834
<br />86,049
<br />88%
<br />75,723
<br />10,326
<br />3
<br />2,132,650 109,883 23,834
<br />86,049
<br />75%
<br />64,537
<br />21,512
<br />4
<br />2,132,650 109,883 23,834
<br />86,049
<br />63%
<br />54,211
<br />31,838
<br />5
<br />2,132,650 109,883 23,834
<br />86,049
<br />50%
<br />43,025
<br />43,024
<br />6
<br />2,132,650 109,883 23,834
<br />86,049
<br />38%
<br />32,699
<br />53,350
<br />7
<br />2,132,650 109,883 23,834
<br />86,049
<br />25%
<br />21,512
<br />64,537
<br />8
<br />2,132,650 109,883 23,834
<br />86,049
<br />13%
<br />11,186
<br />74,863
<br />$688,392
<br />$388,942
<br />$299,450
<br />Total Taxes Due During Abatement:
<br />$688,392
<br />Total Taxes Abated During Abatement:
<br />388,942
<br />Total Taxes Paid During Abatement:
<br />299,450
<br />' - This schedule is for estimation purposes only and assumes constant tax rates.
<br />The true tax values will ultimately be determined by the actual
<br />assessed valuation and the then current tax rates.
<br />
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