|
5 YEAR
<br />26-Nov-10
<br />G.H.S Corporation d/b/a GHS Strings
<br />South Bend German Township
<br />Personal Property Tax Abatement Schedule*
<br />Tax Key Number
<br />Current Assessed Value:
<br />Estimated Project Cost:
<br />25-1011-0187
<br />0
<br />600,000
<br />40% 60%
<br />100% 80%
<br />Year1 Year2
<br />55% 45% 37%
<br />60% 40% 20%
<br />Year 3 Year 4 Year 5
<br /> Current
<br />Assessed Value: AV & Tax Pav 2011 Pav 2012 Pav 2013 Pav 2014 Pav 2015
<br />Current Assessed Value 100% 0 0 0 0 0 0
<br />Base Assessed Value 240,000 360,000 330,000 270,000 222,000
<br />Less Abatement Deduction (240,000) (288,000) (198,000) (108,000) (44,400)
<br />Net Assessed Value 0 0 72,000 132,000 162,000 177,600
<br />Prooerty Taxes:
<br />Assume constant tax rate of 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 />0 0 3,185 5,839 7,166 7,856
<br />0 0 0 0 0 (299)
<br />0 0 3,185 5,839 7,166 7,557
<br />3.0000% 0 7,200 10,800 9,900 8,100 6,660
<br />0.5051 % 0 0 364 667 818 897
<br />0 7,200 11,164 10,567 8,918 7,557
<br /> New Combined Net
<br /> Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />Pay 2011 0 8,412 8,412 8,412 0
<br />Pay 2012 0 12,618 12,618 9,434 3,185
<br />Pay 2013 0 11,567 11,567 5,728 5,839
<br />Pay 2014 0 9,464 9,464 2,298 7,166
<br />Pay 2015 0 7,781 7,781 224 7,557
<br />Totals 0 49,842 49,842 26,096 23,746
<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 />
|