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SOUTH BEND REDEVELOPMENT COMMISSION <br /> Supporting Information - River East <br /> River East 1 Economic Development Area <br /> ESTIMATED ANNUAL EXISTING TAX INCREMENT - <br /> SOUTH BEND - CLAY TOWNSHIP TAXING DISTRICT <br /> Taxes Payable Year <br /> 2022 2023-2033 <br /> Total net assessed value (1) $1,050,200 $1,073,100 <br /> Less: Base assessed value (1) 0 0 <br /> Incremental assessed value 1,050,200 1,073,100 <br /> Times: Net tax rate (2) $5.4483 $5.4483 <br /> Estimated tax increment 57,220 58,470 <br /> Less: Estimated Circuit Breaker Tax Credit (3) (20,990) (20,990) <br /> Estimated net tax increment $36,230 $37,480 <br /> (1) Per the St. Joseph County Auditor's Office. <br /> (2) Represents the certified pay 2022 tax rate for the South Bend - Clay taxing district of $5.8486, less <br /> the South Bend Community School Corporation referendum rates of $0.3334 and $0.0669. <br /> (3) Based on information provided by the St. Joseph County Auditor's office. Homestead residential <br /> property taxes are limited to 1.0% of gross assessed value. Rental residential property taxes <br /> are limited to 2.0% of gross assessed value, and commercial property taxes are limited to 3.0% <br /> of gross assessed value. Accounts for the pay 2022 LIT Property Tax Replacement Credit of <br /> 8.2562% and the pay 2022 Homestead LIT Property Replacement Credit of 4.4831%. <br /> Note: This schedule does not assume any future growth in net assessed value. The portion of the <br /> River East 1 Area in the South Bend - Clay taxing district expires on November 17, 2033. <br /> Assumes the incremental assessed value expires following 2033. <br /> (Subject to the attached letter dated December 2, 2022) <br /> (Preliminary - Subject to Change) <br /> (For Internal Use Only) <br /> 19 <br />