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8-Year Abatement February 21,2023
<br /> SoMa Capital LLC
<br /> South Bend Portage Township
<br /> Residential Real Property Tax Abatement Schedule
<br /> Type of Dwelling: Multi-Family Residence -12 units-
<br /> Estimated Project Cost $ 1,965,000 Rehabilitation
<br /> Property Address: 536 S Main Street,South Bend,IN 46601
<br /> Tax Key Number: 71-08-12-306-006,000-026
<br /> Without
<br /> Current Abatement Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
<br /> Assessed Value(AV)
<br /> Land $ 6,600 $ 6,600 $ 6,600 $ 6,600 $ 6,600 $ 6,600 $ 6,600 $ 6,600 $ 6,600 $ 6,600
<br /> Structure(Current AV+80%Project Cost) 207,300 1,779,300 1,779,300 1,779,300 1,779,300 1,779,300 1,779,300 1,779,300 1,779,300 1,779,300
<br /> Gross Assessed Value 213,900 1,785,900 1,785,900 1,785,900 1,785,900 1,785,900 1,785,900 1,785,900 1,785,900 1,785,900
<br /> Abatement 100% 100% 95% 95% 90% 90% 85% 85%
<br /> Abatement Deduction - (1,572,000) (1,572,000) (1,493,400) (1,493,400) (1,414,800) (1,414,800) (1,336,200) (1,336,200)
<br /> Net Assessed Value 213,900 1.785.900 213,900 213,900 292,500 292,500 371,100 371,100 449,700 449,700
<br /> Property Taxes
<br /> Assume constant tax rate of 5.2897%
<br /> Gross Tax(Tax Rate x Net AV) 11,315 94,469 11,315 11,315 15,472 15,472 19,630 19,630 23,788 23,788
<br /> Local Tax Credit(8.2562%of GT-DS) (864) (7,210) (864) (864) (1,181) (1,181) (1,498) (1,498) (1,816) (1,816)
<br /> Circuit Breaker Credit (5,318) (44,402) - - - - - - - -
<br /> Taxes Due $ 5,133 $ 42,856 $ 10,451 $ 10,451 $ 14,291 $ 14,291 $ 18,132 $ 18,132 $ 21,972 $ 21,972
<br /> 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%
<br /> Circuit Breaker Cap 4,278 35,718 35,718 35,718 35,718 35,718 35,718 35,718 35,718 35,718
<br /> Debt Service(0.3997%of Net AV) 855 7,138 855 855 1,169 1,169 1,483 1,483 1,797 1,797
<br /> Max Tax Under the Cap 5,133 42,856 36,573 36,573 36,887 36,887 37,201 37,201 37,515 37,5/5
<br /> Combined
<br /> Year Abatement Current Taxes New Net Taxes
<br /> Current& Taxes Abated
<br /> Due Projected Tax
<br /> New Taxes Paid
<br /> 1 100% $ 5,133 $ 37,723 $ 42,856 $ (32,405) $ 10,451_
<br /> 2 100% 5,133 37,723 42,856 (32,405) 10,451
<br /> 3 95% 5,133 37,723 42,856 (28,565) 14,291
<br /> 4 95% 5,133 37,723 42,856 (28,565) 14,291
<br /> 5 90% 5,133 37,723 42,856 (24,724) 18,132
<br /> 6 90% 5,133 37,723 42,856 (24,724) 18,132
<br /> 7 85% 5,133 37,723 42,856 (20,884) 21,972
<br /> 8 85% 5,133 37,723 42,856 (20,884) 21,972
<br /> Total: 41,064 301,786 342,850 (213,157) 129,693
<br /> This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2022 Payable 2023. ` Department of Community Investment
<br /> The true tax values will ultimately be determined by the actual assessed valuation and the then-current tax rates. City of South Bend
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