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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