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Tax Abatement Schedule prepared for: 15- Oct -01
<br />ENVIRONMENTAL HEALTH LABS
<br />South Bend Portage Township 10 Year Real Property Abatement Schedule"
<br />Total estimated Project Cost: $7,000,000
<br />Base Assessed Value: $1,400,000
<br />(for base assessed value - assume 1/3 project cost)
<br />Assume constant tax rate of: 18.8638
<br />Assume constant SRTC of: 15.1622
<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 />Assessed
<br />Gross
<br />Less
<br />Net
<br />Percent
<br />Tax
<br />Tax
<br />Year
<br />Value
<br />Tax
<br />SRTC
<br />Tax
<br />Abated
<br />Abated
<br />Paid
<br />1
<br />$1,400,000
<br />$264,093
<br />$40,042
<br />$224,051
<br />100%
<br />$224,051
<br />$0
<br />2
<br />1,400,000
<br />264,093
<br />40,042
<br />224,051
<br />95%
<br />212,848
<br />11,203
<br />3
<br />1,400,000
<br />264,093
<br />40,042
<br />224,051
<br />80%
<br />179,241
<br />44,810
<br />4
<br />1,400,000
<br />264,093
<br />40,042
<br />224,051
<br />65%
<br />145,633
<br />78,418
<br />5
<br />1,400,000
<br />264,093
<br />40,042
<br />224,051
<br />50%
<br />112,025
<br />112,025
<br />6
<br />1,400,000
<br />264,093
<br />40,042
<br />224,051
<br />40%
<br />89,620
<br />134,431
<br />7
<br />1,400,000
<br />264,093
<br />40,042
<br />224,051
<br />30%
<br />67,215
<br />156,836
<br />8
<br />1,400,000
<br />264,093
<br />40,042
<br />224,051
<br />20%
<br />44,810
<br />179,241
<br />9
<br />1,400,000
<br />264,093
<br />40,042
<br />224,051
<br />10%
<br />22,405
<br />201,646
<br />10
<br />1,400,000
<br />264,093
<br />40,042
<br />224,051
<br />5%
<br />11,203
<br />212,848
<br />$2,240,509
<br />$1,109,052
<br />$1,131,457
<br />Total Taxes Due During Abatement:
<br />$2,240,509
<br />Total Taxes Abated During Abatement:
<br />$1,109,052
<br />Total Taxes Paid
<br />During Abatement:
<br />$1,131,457
<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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