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8-Year Abatement June 5.2023
<br /> RealAmerica Development LLC (Mixed Use)
<br /> South Bend Portage Township
<br /> Commerical Development Real Property Tax Abatement Schedule*
<br /> Type of Property: Mixed Use
<br /> Estimated Project Cost: $ 2,650,000 New Construction
<br /> Property Address: 504 S.Lafayette Blvd,South Bend,IN 46601
<br /> Tax Key Number: 71-08-12-305-001,000-026;71-08-12-305-005,000-026.71-08-12-305-006,000-026:71-08-12-305-007,000-026
<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 $ 3,950 $ 3,950 $ 3,950 $ 3,950 $ 3,950 $ 3,950 $ 3,950 $ 3,950 $ 3,950 $ 3,950
<br /> Structure(AV=25%Project Cost) 2,000 662,500 662,500 662,500 662,500 662,500 662,500 662,500 662,500 662,500
<br /> Gross Assessed Value 5,950 666,450 666,450 666,450 666,450 666,450 666,450 666,450 666,450 666,450
<br /> Abatement 100% 90% 90% 80% 70% 65% 55% 45%
<br /> Abatement Deduction - (660,500) (594,450) (594,450) (528,400) (462,350) (429,325) (363,275)
<br /> (297,225)
<br /> Net Assessed Value 5,950 666,450 5,950 72,000 72,000 138,050 204,100 237,125 303,175 369,225
<br /> Property Taxes
<br /> Assume constant tax rate of 5.2897%
<br /> Gross Tax(Tax Rate x Net AV) 315 35253 315 3,809 3,809 7,302 10,796 12,543 16,037 19,531
<br /> Local Tax Credit(8.7112%of GT-DS) (25) (2,839) (25) (307) (307) (588) (869) (1,010) (1,291) (1,573)
<br /> Circuit Breaker Credit (87) (9,757) - - - - - - -
<br /> Taxes Due $ 202 $ 22,657 $ 289 $ 3,502 $ 3,502 $ 6,714 $ 9,927 $ 11,533 $ 14,746 $ 17,958
<br /> 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
<br /> Circuit Breaker Cap 179 19,994 19,994 19,994 19,994 19,994 19,994 19,994 19,994 19,994
<br /> Debt Service(0.3997%of Net AV) 24 2,664 24 288 288 552 816 948 1,212 1,476
<br /> Max Tax Under the Cap 202 22,657 20,017 20,281 20,281 20,545 20,809 20,941 21,205 21,469
<br /> Combined
<br /> Year Abatement Current Taxes New Current& Taxes Abated Net Taxes
<br /> Due Projected Tax New Taxes Paid
<br /> 1 100% $ 202 $ 22,455 $ 22,657 $ (22,368) $ 289
<br /> 2 90% 202 22,455 22,657 (19,155) 3,502
<br /> 3 90% 202 22,455 22,657 (19,155) 3,502
<br /> 4 80% 202 22,455 22,657 (15,943) 6,714
<br /> 5 70% 202 22,455 22,657 (12,730) 9,927
<br /> 6 65% 202 22,455 22,657 (11,124) 11,533
<br /> 7 55% 202 22,455 22,657 (7,912) 14,746
<br /> 8 45% 202 22,455 22,657 (4,699) 17,958
<br /> Total: 1,618 179,640 181,258 (113,087) 68,171
<br /> 'This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2022 Payable 2023. :" 5 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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