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5 YEAR
<br /> 6-May-20
<br /> Bamar Plastics
<br /> South Bend Portage Township
<br /> Personal Property Tax Abatement Schedule*
<br /> Tax Key Number TBD
<br /> Current Assessed Value: 0
<br /> Estimated Project Cost: 647,000
<br /> 100% 95% 85% 75% 65%
<br /> Year 1 Year 2 Year 3 Year 4 Year 5
<br /> Current
<br /> Assessed Value: AV&Tax
<br /> Current Assessed Value 100% 0 0 0 0 0 0
<br /> Base Assessed Value 258,800 388,200 355,850 291,150 239,390
<br /> Less Abatement Deduction (258,800) (368,790)
<br /> (302,473) (218,363) (155,604)
<br /> Net Assessed Value 0 0 19,410 53,378 72,788 83,787
<br /> Property Taxes:
<br /> Assume constant tax rate of 5.0894% 5.0894% 5 0894% 5.0894% 5.0894% 5.0894%
<br /> Gross Tax(tax rate x net assessed value) 0 0 988 2,717 3,704 4,264
<br /> Less Circuit Breaker Credit 0 0 0 0 0 0
<br /> Net Tax - 0 0 988 2,717 3,704 4,264
<br /> Circuit Breaker Cap
<br /> Circuit Breaker 3.0000% 0 7,764 11,646 10,676 8,735 7,182
<br /> Debt Service 0.0000% 0 0 0 0 0 0
<br /> Circuit Braker Cap 0 7,764 11,646 10,676 8,735 7,182
<br /> New Combined Net
<br /> Existing Project Existing&New Tax Tax
<br /> Year Taxes Taxes Taxes Abated Paid
<br /> Year 1 0 7,764 7,764 7,764 0
<br /> Year2 0 11,646 11,646 10,658 988
<br /> Year 3 0 10,676 10,676 7,959 2,717
<br /> Year 4 0 8,735 8,735 5,030 3,704
<br /> Year 5 0 7,182 7,182 2,918 4,264
<br /> Totals 0 46,002 46,002 34,329 11,673
<br /> *This schedule is for estimation purposes only and assumes constant tax rates. The true tax values
<br /> will ultimately be determined by the actual assessed valuation and the then current tax rates.
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