|
5 YEAR
<br />Steel Warehouse
<br />South Bend Portage Township
<br />Personal Property Tax Abatement Schedule*
<br />Assessed Value:
<br />Current Assessed Value
<br />Base Assessed Value
<br />Less Abatement Deduction
<br />Net Assessed Value
<br />Property Taxes:
<br />Assume constant tax rate of
<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 />Tax Key Number 343;2844.03;2844.04;2844.06;2845.01;2845.02;2845.03
<br />Current Assessed Value: 9,642,334
<br />Estimated Project Cost: 2,500,000
<br />Current
<br />40% 56%
<br />100% 80%
<br />Year 1 Year 2
<br />9-Sep-10
<br />42% 32% 24%
<br />60% 40% 20%
<br />Year 3 Year 4 Year 5
<br />AV & Tax Pav 2011 Pav 2012 Pav 2013 Pav 2014 Pav 2015
<br />100% 9,642,334 9,642,334 9,642,334 9,642,334 9,642,334 9,642,334
<br />1,000,000 1,400,000 1,050,000 800,000 600,000
<br />(1,000,000) (1,120,000) (630 000) (320 000) (120 000)
<br />9,642,334 9,642,334 9,922,334 10,062,334 10,122,334 10,122,334
<br />4.4598% 4.4598% 4.4598% .4.4598% 4.4598% 4.4598%
<br />430,029 430,029 442,516 448,760 451,436 451,436
<br />(92,055) (62,055) (61,129) (77.1651 (87.0381 (93.0381
<br />3.0000% 289,270 319,270 331,270 320,770 313,270 307,270
<br />0.5051% 48,703 48,703 50,118 50,825 51,128 51128
<br />337,973 367,973 381,388 371,595 364,398 358 398
<br />New Combined Net
<br />Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />Pay 2011 337,973 35,051 373,024 5,051 367,973
<br />Pay 2012 337,973 49,071 387,045 5,657 381,388
<br />Pay 2013 337,973 36,804 374,777 3,182 371,595
<br />Pay 2014 337,973 28,041 366,014 1,616 364,398
<br />Pay 2015 337,973 21,031 359,004 606 358,398
<br />
<br />Totals 1,689,867 169,997 1,859,865 16,113 1,843,752
<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 />
|