Tax Abatement Schedule prepared for: 1-Aug-O6
<br />SOUTH BEND CHOCOLATE COMPANY
<br />South Bend Portage Township 5 Year Real Property Abatement Schedule'
<br />Total estimated Project Cost: $1,250,000
<br />Base Assessed Value: $1,062,500
<br />(base assessed value is estimated at 85% of project cost)
<br />Assume constant tax rate of: 5.1524%
<br />Assume constant SRTC of: 21.6906%
<br /> Assessed Gross Less Net Percent Tax Tax
<br />Year Value Tax SRTC Tax Abated Abated Paid
<br />1 1,062,500 54,744 11,874 42,870 100% 42,870 0
<br />2 1,062,500 54,744 11,874 42,870 80% 34,296 8,574
<br />3 1,062,500 54,744 11,874 42,870 60% 25,722 17,148
<br />4 1,062,500 54,744 11,874 42,870 40% 17,148 25,722
<br />5 1,062,500 54,744 11,874 42,870 20% 8,574 34,296
<br /> 214,350 128,610 85,740
<br /> Total Taxes Due During Abatement: 214,350
<br /> Total Taxes Abated During Abatement: 128,610
<br /> Total Taxes Paid During Abatement: 85,740
<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 taz rates.
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