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2-Year Abatement June 5,2023 <br /> Herstoric Properties LLC <br /> South Bend Portage Township <br /> Vacant Building Tax Abatement Schedule <br /> Property Address: 516 S. Michigan Street <br /> Tax Key Number: 71-08-12-307-003.000-026 <br /> Current Year 1 Year 2 <br /> Assessed Value(AV) <br /> Land $ 6,100 $ 6,100 $ 6,100 <br /> Structure 36,500 36,500 36,500 <br /> Gross Assessed Value 42,600 42,600 42,600 <br /> Abatement(100%of Structure) 100% 50% <br /> Abatement Deduction (36,500) (18,250) <br /> Net Assessed Value 42,600 6,100 24,350 <br /> Property Taxes <br /> Assume constant tax rate of 5.2897% <br /> Gross Tax(Tax Rate x Net AV) 2,253 323 1,288 <br /> Local Tax Credit(8.7112%of GT-DS) (181) (26) (104) <br /> Circuit Breaker Credit (624) - - <br /> Taxes Due $ 1,448 $ 297 $ 1,184 <br /> 3% 3% 3% <br /> Circuit Breaker Cap 1,278 1,278 1,278 <br /> Debt Service (0.3997%of Net AV) 170 24 97 <br /> Max Tax Under the Cap 1,448 1,302 1,375 <br /> Year Taxes Due Taxes Abated Net Taxes <br /> Paid <br /> 1 $ 1,448 $ (1,152) $ 297 <br /> 2 1,448 (264) 1,184 <br /> Total: 2,897 (1,416) 1,481 <br /> This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2022 Payable 2023. <br /> The true tax values will ultimately be determined by the actual assessed valuation and the then current tax rates. <br /> .,7;`,164,*"""*'''..., Department of Community Investment <br /> .. = City of-South Bend <br />