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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. <br />ail d CI~9'-'~'~ 4fiice <br />JUL 3 1 20~~ <br />JO".tt Y~s~ADG ^ ~~~~ <br />~ r, 11. til. ttl~, II'1. <br />CITY CL'e""^;., <br />