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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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