|
5 YEAR
<br />2-Feb-10
<br />Olive Cleveland
<br />South Bend German Township
<br />Real Property Tax Abatement Schedule'`
<br />100%
<br />Year 1
<br />Tax Key Number
<br />Current Assessed Value:
<br />Estimated Project Cost:
<br />25-1011-018601
<br />6,791,800
<br />2,500,000
<br />80% 60% 40% 20%
<br />Year 2 Year 3 Year 4 YeaR 5
<br /> Current Without
<br />Assessed Value: AV & Tax Abatement Pav 2011 Pav 2012 Pav 2013 Pav 2014 Pav 2015
<br />Current Assessed Value 100% 6,791,800 6,791,800 1,449,446 2,450,298 3,401,150 4,352,002 5,337,188
<br />Base Assessed Value 85% 2,125,000 2,125,000 2,125,000 2,125,000 2,125,000 2,125,000
<br />Less Abatement Deduction 0 (2,125,000) (1,700,000) (1,275,000) (850,000) (425,000)
<br />Net Assessed Value 6,791,800 8,916,800 1,449,446 2,875,298 4,251,150 5,627,002 7,037,188
<br />Property Taxes:
<br />Assume constant tax rate of 4.4232% 4.4232% 4.4232% 4.4232% 4.4232% 4.4232% 4.4232%
<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 />300,415 394,408 64,112 127,180 188,037 248,894 311,269
<br />(62,356) (81,866) 0 0 0 0 (8,221)
<br />238,059 312,542 64,112 127,180 188,037 248,894 303,048
<br />3.0000% 203,754 267,504 267,504 267,504 267,504 267,504 267,504
<br />0.5051% 34,305 45,038 7,321 14,523 21,472 28,421 35,544
<br />238,059 312,542 274,825 282,027 288,976 295,925 303,048
<br /> New Combined Total Old New Net
<br /> Existing Project Existing & New Tax Abatement Abatement Tax
<br />Year Taxes Taxes Taxes Abated Tax Abated Tax Abated Paid
<br />Pay 2011 238,059 74,483 312,542 248,430 171,735 76,695 64,112
<br />Pay 2012 238,059 74,483 312,542 185,362 129,677 55,685 127,180
<br />Pay 2013 238,059 74,483 312,542 124,505 87,619 36,886 188,037
<br />Pay 2014 238,059 74,483 312,542 63,648 45,561 18,087 248,894
<br />Pay 2015 238,059 74,483 312,542 9,494 7,347 2,147 303,048
<br />Totals 1,190,294 372,416 1,562,709 631,439 441,939 189,500 931,271
<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 />
|