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05-12-08 Council Meeting Agenda & Packet
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05-12-08 Council Meeting Agenda & Packet
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10/4/2010 3:08:21 PM
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5/8/2008 3:14:18 PM
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City Council - City Clerk
City Council - Document Type
Agendas
City Counci - Date
5/12/2008
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Tax Abatement Schedule prepared for: 24-Apr-08 <br />1ST SOURCE LAND TRUST #13 (ROBERT F. JAGGER) d/b/a <br />OLD FORT BUILDING SUPPLY OF SOUTH BEND, INC. <br />South Bend Portage Township 5 Year Real Property Abatement Schedule' <br />Total estimated Project Cost: $325,000 <br />Base Assessed Value: $276,250 <br />(base assessed value is estimated at 85% of project cost) <br />Assume constant ta.x rate of: 5. ~ 524% <br />Assume constant SRTC of: • 21.6906% <br /> Assessed Gross Less <br />Year Value Tax SRTC <br />1 276,250 14,234 3,087 <br />2 276,250 14,234 3,087 <br />3 276,250 14-,234. 3,087 <br />4 276,250 14,234 3,087 <br />5 276,250 14,234 3,087 <br />Net Percent Tax Tax <br />Tax Abated Abated Paid <br />11,147 100% 11,147 0 <br />11,147 80% 8,918 2,229 <br />11,147 60% 6,688 4,459 <br />11,147 40% 4,459 6,6$8 <br />11,147 20% 2,229 8,918 <br />55,735 33,441 22,294 <br />Total Taxes Due During Abatement: <br />Total Taxes Abated During Abatement: <br />Total Taxes Paid During Abatement: <br />55,735 <br />33,441 <br />22,294 <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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