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6-Year Abatement June 5,2023
<br /> Herstoric Properties LLC
<br /> South Bend Portage Township
<br /> Commerical Development Real Property Tax Abatement Schedule*
<br /> Type of Property: Mixed Use
<br /> Estimated Project Cost: $ 375,000 Rehabilitation
<br /> Property Address: 516 S.Michigan Street
<br /> Tax Key Number 71-08-12-307-003,000-026
<br /> Without
<br /> Current Abatement Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
<br /> Assessed Value(AV)
<br /> Land $ 6,100 $ 6,100 $ 6,100 $ 6,100 $ 6,100 $ 6,100 $ 6,100 $ 6,100
<br /> Structure(AV=80%Project Cost) 36,500 336,500 336,500 336,500 336,500 336,500 336,500 336,500
<br /> Gross Assessed Value 42,600 342,600 342,600 342,600 342,600 342,600 342,600 342,600
<br /> Abatement 100% 90% 80% 70% 60% 50%
<br /> Abatement Deduction - (300,000) (270,000) (240,000) (210,000) (180,000) (150,000)
<br /> Net Assessed Value 42,600 342,600 42,600 72,600 102,600 132,600 162,600 192,600
<br /> Property Taxes
<br /> Assume constant tax rate of 5.2897%
<br /> Gross Tax(Tax Rate x Net AV) 2,253 18,123 2,253 3,840 5,427 7,014 8,601 10,188
<br /> Local Tax Credit(8.7112%of GT-DS) (181) (1,459) (181) (309) (437) (565) (693) (820)
<br /> Circuit Breaker Credit (624) (5,016) - - - - - -
<br /> Taxes Due $ 1,448 $ 11,647 $ 2,072 $ 3,531 $ 4,990 $ 6,449 $ 7,908 $ 9,368
<br /> 3% 3% 3% 3% 3% 3% 3% 3%
<br /> Circuit Breaker Cap 1,278 10,278 10,278 10,278 10,278 10,278 10,278 10,278
<br /> Debt Service(0.3997%of Net AV) 170 1,369 170 290 410 530 650 770
<br /> Max Tax Under the Cap 1,448 11,647 10,448 10,568 10,688 10,808 10,928 11,048
<br /> Combined
<br /> Year Abatement Current Taxes New Net Taxes
<br /> Current& Taxes Abated
<br /> Due Projected Tax Paid
<br /> New Taxes
<br /> 1 100% $ 1,448 $ 10,199 $ 11,647 $ (9,575) $ 2,072
<br /> 2 90% 1,448 10,199 11,647 (8,116) 3,531
<br /> 3 80% 1,448 10,199 11,647 (6,657) 4,990
<br /> 4 70% 1,448 10,199 11,647 (5,198) 6,449
<br /> 5 60% 1,448 10,199 11,647 (3,739) 7,908
<br /> 6 50% 1,448 10,199 11,647 (2,280) 9,368
<br /> Total: 8,690 61,195 69,884 (35,566) 34,318
<br /> This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2022 Payable 2023. =I', 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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