No. 1532 approving an application for personal property tax deduction (Steel Warehouse Co., Inc., 2722 W. Tucker Dr.)

Home Browse Search

Tax Abatement Schedule prepared for: 16- Jul -97 STEEL WAREHOUSE COMPANY, INC. 5 Year Personal Property Abatement Schedule* Total estimated Equipment Cost: $1,000,000 Assume constant tax rate of: 14.3750 (combined rate factoring in SRTC) Total Taxes Due During Abatement: $92,958 Total Taxes Abated During Abatement: $16,483 Total Taxes Paid During Abatement: $76,475 Using $2,000,000 Project Cost: Total Taxes Due During Abatement: $185,917 Total Taxes Abated During Abatement: $32,967 Total Taxes Paid During Abatement: $152,950 * - This schedule is for estimation purposes only and assumes constant tax rates. The true tax values will ultimately be determined by the actual assessed valuation and the then current tax rates. TTV Assessed 100% Tax Tax Tax Year TTV% (Year 5 -8) Value Rate Abated Paid 1 40 $400,000 $133,333 $19,167 $19,167 $0 2 56 560,000 186,667 26,833 25,491 1,342 3 42 420,000 140,000 20,125 16,100 4,025 4 32 320,000 106,667 15,333 9,966 5,367 5 24 240,000 80,000 11,500 5,750 5,750 $92,958 $76,475 $16,483 Total Taxes Due During Abatement: $92,958 Total Taxes Abated During Abatement: $16,483 Total Taxes Paid During Abatement: $76,475 Using $2,000,000 Project Cost: Total Taxes Due During Abatement: $185,917 Total Taxes Abated During Abatement: $32,967 Total Taxes Paid During Abatement: $152,950 * - This schedule is for estimation purposes only and assumes constant tax rates. The true tax values will ultimately be determined by the actual assessed valuation and the then current tax rates.