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8-Year Abatement June 5,2023
<br /> RealAmerica Development LLC (Mixed Use)
<br /> South Bend Portage Township
<br /> Residential Real Property Tax Abatement Schedule`
<br /> Type of Dwelling: Multi-Family Residence -60 units-
<br /> Estimated Project Cost: $ 7,950,000 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 $ 11,850 $ 11,850 $ 11,850 $ 11,850 $ 11,850 $ 11,850 $ 11,850 $ 11,850 $ 11,850 $ 11,850
<br /> Structure(AV=25%Project Cost) 6,000 1,987,500 1,987,500 1,987,500 1,987,500 1,987,500 1,987,500 1,987,500 1,987,500 1,987,500
<br /> Gross Assessed Value 17,850 1,999,350 1,999,350 1,999,350 1,999,350 1,999,350 1,999,350 1,999,350 1,999,350 1,999,350
<br /> Abatement 100% 90% 90% 80% 70% 65% 55% 45%
<br /> Abatement Deduction - (1,981,500) (1,783,350) (1,783,350) (1,585,200) (1,387,050) (1,287,975) (1,089,825) (891,675)
<br /> Net Assessed Value 17,850 1,999,350 17,850 216,000 216,000 414,150 612,300 711,375 909,525 1,107,675
<br /> Property Taxes
<br /> Assume constant tax rate of 5.2897%
<br /> Gross Tax(Tax Rate x Net AV) 944 105,760 944 11,426 11,426 21,907 32,389 37,630 48,111 58,593
<br /> Local Tax Credit(8.7112%of GT-DS) (76) (8,517) (76) (920) (920) (1,764) (2,608) (3,030) (3,874) (4,718)
<br /> Circuit Breaker Credit (261) (49,264) - - - -
<br /> (614) (9,460)
<br /> Taxes Due $ 607 $ 47,978 $ 868 $ 10,506 $ 10,506 $ 20,143 $ 29,781 $ 34,599 $ 43,622 $ 44,414
<br /> 3% 2% 2% 2% 2% 2% 2% 2% 2% 2%
<br /> Circuit Breaker Cap 536 39,987 39,987 39,987 39,987 39,987 39,987 39,987 39,987 39,987
<br /> Debt Service(0.3997%of Net AV) 71 7,991 71 863 863 1,655 2,447 2,843 3,635 4,427
<br /> Max Tax Under the Cap 607 47.978 40,058 40,850 40,850 41,642 42,434 42,830 43,622 44,414
<br /> Combined
<br /> Year Abatement Current Taxes New Current& Taxes Abated Net Taxes
<br /> Due Projected Tax New Taxes Paid
<br /> 1 100% $ 607 $ 47,372 $ 47,978 $ (47,110) $ 868
<br /> 2 90% 607 47,372 47,978 (37,473) 10,506
<br /> 3 90% 607 47,372 47,978 (37,473) 10,506
<br /> 4 80% 607 47,372 47,978 (27,835) 20,143
<br /> 5 70% 607 47,372 47,978 (18,198) 29,781
<br /> 6 65% 607 47,372 47,978 (13,379) 34,599
<br /> 7 55% 607 47,372 47,978 (4,356) 43,622
<br /> 8 45% 607 47,372 47,978 (3,564) 44,414
<br /> Total: 4,855 378,972 383,827 (189,388) 194,439
<br /> *This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2022 Payable 2023. ' 11A°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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