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Tax Abatement Schedule prepared for:
<br />24- Jan -08
<br />MC KINLEY APARTMENTS
<br />South Bend Portage Township 10 Year Real Property Abatement Schedule*
<br />Total estimated Project Cost:
<br />$11,272,461
<br />Base Assessed Value:
<br />$9,581,592
<br />(base assessed value is estimated at 85% of project cost)
<br />Assume constant tax rate of.
<br />5.1524%
<br />Assume constant SRTC of:
<br />21.6906%
<br />Assessed Gross Less
<br />Net
<br />Percent
<br />Tax
<br />Tax
<br />Year
<br />Value Tax SRTC
<br />Tax
<br />Abated
<br />Abated
<br />Paid
<br />1
<br />$9,581,592. $493,682 $107,083
<br />$386,599
<br />100%
<br />$386,599
<br />$0
<br />2
<br />9,581,592 493,682 107,083
<br />386,599
<br />95%
<br />367,269
<br />19,330
<br />3
<br />9,581,592 493,682 107,083
<br />386,599
<br />80%
<br />309,279
<br />77,320
<br />4
<br />. 9,581,592 493,682 107,083
<br />386,599
<br />` 65%
<br />251,289
<br />135,310
<br />5
<br />9,581,592 493,682 107,083
<br />386,599
<br />50%
<br />193,300
<br />193,299 .
<br />6
<br />9,581,592 493,682 107,083
<br />386,599
<br />40%
<br />154,640
<br />231,959
<br />7
<br />9,581,592 493,682 107,083
<br />386,599
<br />30%
<br />115,980
<br />270,619
<br />8
<br />9,581,592 493,682 107,083
<br />386,599
<br />20%
<br />77,320
<br />309,279
<br />9
<br />9,581,592 493,682 107,083
<br />386,599
<br />10%
<br />38,660
<br />347,939
<br />10
<br />9,581,592 493,682 107,083
<br />386,599
<br />5%
<br />19,330
<br />367,269
<br />$3,865,990
<br />$1,913,666
<br />$1,952,324
<br />Total Taxes Due During Abatement: ' $3,865,990
<br />Total Taxes Abated During Abatement: 1,913,666
<br />Total Taxes Paid During Abatement: 1,952,324
<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.
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