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Department of Local Government Finance <br />County Auditor's Certificate of Adjustment to the Based Assessed Valuation of TIF Districts <br />Identify the specific allocation area if more than one allocation area is located in the county. <br />TIF District <br />101 - South Bend Central Downtown <br />County Name St. Joseph County <br />Contact Information: <br />Financial Advisor: <br />Crowe Horwath LLP <br />Name: Peter H. Mullen, County Auditor <br />Name: <br />Herschel Frierson <br />Address: 227 West Jefferson Boulevard, <br />Address: <br />10 West Market Street <br />2nd Floor <br />Suite 2000 <br />South Bend, Indiana 46601 <br />Indianapolis, Indiana 46204 -2975 <br />Phone: (574) 235 -9668 <br />Phone: <br />(317) 269 -2377 <br />1. 2010p2011 Gross Real Estate Valuation* of the allocation area <br />$188,993,000 <br />2. 2009p2010 Gross Real Estate Valuation* of the allocation area <br />$192,979,100 <br />3. Divide line 1 by line 2 and carry to 5 decimal places <br />0.97934 <br />4. 2010p2011 Gross Real Estate Valuation* of the county $14,684,244,670 <br />5. 2009p2010 Gross Real Estate Valuation* of the county $14,871,234,080 <br />6. Divide line 4 by line 5 and carry to 5 decimal places 0.98742 <br />Any contested amount of assessed value subject to appeal should not be included in the gross assessed <br />value of real estate. <br />Amounts do not include non - taxable and government exempt property. <br />7. 2009p2010 neutralized net base assessed valuation of the allocation $80,740,381 <br />8. Lesser of line 3 or line 6 <br />0.97934 <br />9. Line 8 multiplied by line 7 = tentative new 2010p2011 neutralized base assessed value 79,072,280 <br />Determination of Adequate Potential Captured Assessment <br />(This calculation will be specific to each allocation area within the county.) <br />Ia. Amount of potential captured assessment in 2009p2010. <br />Amount of net assessed value 2009p2010 minus 2009p2010 neutralized base NAV $91,063,010 <br />2a. Abatement reductions, if any, in pre - reassessment values, scheduled to roll off in p2011 $1,420,620 <br />3a. Real Growth, estimated in net assessed value first assessed for 2010p2011 <br />4a. Total of line 1 a plus line 2a = Adjusted Incremental NAV <br />5a. 2009p2010 net tax rate of the TIF district <br />5b. Estimated 2010p2011 tax rate <br />6a. Tax revenue without reassessment line 4a divided by 100 multiplied by line 5a <br />6b. Tax revenue on real growth line 3a divided by 100 multiplied by line 5b <br />6c. Total estimated tax revenue without reassessment line 6a plus line 6b <br />7a. Amount of estimated captured assessment in 2010p2011. Line 6c divided by <br />line 5b times 100 <br />8a. 2010p2011 total net real estate assessed value of the TIF area <br />(no deduction for base assessed value) <br />9a. Less 2010p2011 contested assessed value of the TIF area <br />(do not include appealed assessed value on real growth shown on line 3a) <br />$92,483,630 <br />$4.8771 <br />$4,510,519 <br />$4,515,666 <br />$92,589,160 <br />$169,496,952 <br />$0 <br />$105,533 <br />$4.8771 <br />$5,147 <br />