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SOUTH BEND REDEVELOPMENT COMMISSION <br /> Supporting Information - River West <br /> River West Development Area <br /> ESTIMATED ANNUAL EXISTING TAX INCREMENT - <br /> SOUTH BEND -WARREN TOWNSHIP <br /> Taxes Payable Year <br /> 2022 2023-2031 <br /> (1) <br /> Total net assessed value (2) $22,688,600 $25,182,900 <br /> Less: Allowance for appeals (3) (2,482,060) <br /> Less: Base assessed value (2) 0 <br /> Incremental assessed value 22,688,600 22,700,840 <br /> Times: Net tax rate (4) $5.4567 $5.4567 <br /> Estimated tax increment 1,238,050 1,238,720 <br /> Less: Circuit Breaker Tax Credit (5) (455,180) (455,430) <br /> Estimated net tax increment $782,870 $783,290 <br /> (1) The South Bend-Warren Township portion of the allocation area <br /> expires on February 16, 2031. Assumes the last year of <br /> collections is taxes payable 2031. <br /> (2) Per the St. Joseph County Auditor's Office. <br /> (3) Represents an allowance for pending appeals currently outstanding <br /> for the pay 2023 assessment. Includes an allowance for a 20% <br /> reduction in the gross assessed value. <br /> (4) Represents the certified pay 2022 tax rate for the South Bend - <br /> Warren taxing district of $5.8570, less the South Bend Community <br /> School Corporation referendum rates of $0.3334 and $0.0669. <br /> (5) Per the St. Joseph County Auditor's office. Homestead residential <br /> property taxes are limited to 1.0% of gross assessed value. Rental <br /> residential property taxes are limited to 2.0% of gross assessed <br /> value, and commercial property taxes are limited to 3.0% of gross <br /> assessed value. Accounts for the pay 2022 LIT Property Tax <br /> Replacement Credit of 8.2562% and the pay 2022 Homestead LIT <br /> Property Replacement Credit of 4.4831%. <br /> Note: This schedule does not assume any future growth in net assessed <br /> value within the allocation area. <br /> (Subject to the attached letter dated December 2, 2022) <br /> (Preliminary- Subject to Change) <br /> (For Internal Use Only) <br /> 13 <br />