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6-Year Abatement June 5,2023
<br /> Herstoric Properties LLC
<br /> South Bend Portage Township
<br /> Residential Real Property Tax Abatement Schedule
<br /> Type of Dwelling: Multi-Family Residence -6 units-
<br /> Estimated Project Cost: $ 125,000 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 $ - $ - $ - $ - $ - $ - $ - $ -
<br /> Structure(Current AV+80%Project Cost) - 100,000 100,000 100,000 100,000 100,000 100,000 100,000
<br /> Gross Assessed Value - 100,000 100,000 100,000 100,000 100,000 100,000 100,000
<br /> Abatement 100% 90% 80% 70% 60% 50%
<br /> Abatement Deduction - (100,000) (90,000) (80,000) (70,000) (60,000) (50,000)
<br /> Net Assessed Value - 100,000 - 10,000 20,000 30,000 40,000 50,000
<br /> Property Taxes
<br /> Assume constant tax rate of 5.2897%
<br /> Gross Tax(Tax Rate x Net AV) - 5,290 - 529 1,058 1,587 2,116 2,645
<br /> Local Tax Credit(8.7112%of GT-DS) - (426) - (43) (85) (128) (170) (213)
<br /> Circuit Breaker Credit - (2,464) - - - - - (232)
<br /> Taxes Due $ - $ 2,400 $ - $ 486 $ 973 $ 1,459 $ 1,945 $ 2,200
<br /> 3% 2% 2% 2% 2% 2% 2% 2%
<br /> Circuit Breaker Cap - 2,000 2,000 2,000 2,000 2,000 2,000 2,000
<br /> Debt Service(0.3997%of Net AV) - 400 - 40 80 120 160 200
<br /> Max Tax Under the Cap - 2,400 2,000 2,040 2,080 2,120 2,160 2,200
<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% $ - $ 2,400 $ 2,400 $ (2,400) $ -
<br /> 2 90% - 2,400 2,400 (1,913) 486
<br /> 3 80% - 2,400 2,400 (1,427) 973
<br /> 4 70% - 2,400 2,400 (941) 1,459
<br /> 5 60% - 2,400 2,400 (454) 1,945
<br /> 6 50% - 2,400 2,400 (200) 2,200
<br /> Total: - 14,398 14,398 (7,335) 7,064
<br /> *This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2022 Payable 2023. ;'�
<br /> ^ '_ 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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