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5 YEAR 6-May-20
<br /> Midwest Family
<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: 500,000
<br /> 100% 90% 80% 70% 60%
<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 200,000 300,000 275,000 225,000 185,000
<br /> Less Abatement Deduction (200,000) (270,000) (220,000) (157,500) (111,000)
<br /> Net Assessed Value 0 0 30,000 55,000 67,500 74,000
<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 1,527 2,799 3,435 3,766
<br /> Less Circuit Breaker Credit 0 0 0 0 0 0
<br /> Net Tax 0 0 1,527 2,799 3,435 3,766
<br /> Circuit Breaker Cap
<br /> Circuit Breaker 3.0000% 0 6,000 9,000 8,250 6,750 5,550
<br /> Debt Service 0.0000% 0 0 0 0 0 0
<br /> Circuit Braker Cap 0 6,000 9,000 8,250 6,750 5,550
<br /> New Combined Net
<br /> Existing Project Existing&New Tax Tax
<br /> Year Taxes Taxes Taxes Abated Paid
<br /> Year 1 0 6,000 6,000 6,000 0
<br /> Year2 0 9,000 9,000 7,473 1,527
<br /> Year 3 0 8,250 8,250 5,451 2,799
<br /> Year 4 0 6,750 6,750 3,315 3,435
<br /> Year 5 0 5,550 5,550 1,784 3,766
<br /> Totals 0 35,550 35,550 24,023 11,527
<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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