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02-25-08 Council Meeting Agenda & Packet
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02-25-08 Council Meeting Agenda & Packet
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2/21/2008 1:19:10 PM
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2/21/2008 1:19:07 PM
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City Council - City Clerk
City Council - Document Type
Agendas
City Counci - Date
2/25/2008
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Tax Abatement Schedule prepared for: 8-Feb-o8 <br />JADE ELEPHANT HOLDING, LLC_ <br />(LAKE MICHIGAN MAILERS, INC.) . . <br />South Bend German Township 4 Year Real Property Abatement Schedule'' <br />Total estimated Project Cost: $720,000 <br />Base Assessed Value: $612,000 <br />(base assessed value is estimated at 85% of project cost) <br />Assume constant tax rate of: 5.1376% <br />Assume constant SRTC of: 21.7293% <br />Assessed Gross Less Net Percent Tax Tax <br />Year Value Tax SRTC Tax Abated Abated Paid <br />1 ~ $612,000 $31,442 $6,832 $24,610 100% $24,610 $0 <br />2 612,000 31,442 6,832 24,610 75% 18,458 6,152 <br />3 612,000 31,442 6,832 24,610 50% 12,305 12,305 <br />4 612,000 31,442 6,832 24,610 25% 6,153 18,457 <br />$98,440 $61,526 $36,914 <br />Total Taxes Due During Abatement: $98,440 <br />Total Taxes Abated During Abatement: 61,526 <br />Total Taxes Paid During Abatement: 36,914 '' <br /> <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. <br />
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