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10-Year Abatement June 20,2023
<br /> Advantix
<br /> South Bend Portage Township
<br /> Residential Real Property Tax Abatement Schedule*
<br /> Type of Dwelling: Multi-Family Residence -50 units-
<br /> Estimated Project Cost: $14,000,000 New Construction
<br /> Property Address: Multiple Properties
<br /> Tax Key Number: Multiple Properties
<br /> True Tax Value Method: Income Income Income Income Income Income Income Income Income Income
<br /> Capitalization Capitalization Capitalization Capitalization Capitalization Capitalization Capitalization Capitalization Capitalization Capitalization
<br /> Assessed(AV)and Current Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
<br /> True Tax Value(TTV)
<br /> Land(AV) $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000
<br /> Structure(Structure TTV) - 2,295,238 2,295,238 2,295,238 2,295,238 2,295,238 2,295,238 2,295,238 2,295,238 2,295,238 2,295,238
<br /> Gross TTV 200,000 • 2,495,238 2,495,238 2,495,238 2,495,238 2,495,238 2,495,238 2,495,238 2,495,238 2,495,238 2,495,238
<br /> Abatement 100% 100% 100% 95% 95% 90% 90% 85% 80% 75%
<br /> Abatement Deduction (2,295,238) (2,295,238) (2,295,238) (2,180,476) (2,180,476) (2,065,714) (2,065,714) (1,950,952) (1,836,190) (1,721,429)
<br /> Net TTV 200,000 200,000 200,000 200,000 314,762 314,762 429,524 429,524 544,286 659,048 773,810
<br /> Property Taxes
<br /> Assume constant tax rate of 5.2897%
<br /> Gross Tax(Tax Rate x Net TTV) 10,579 10,579 10,579 10,579 16,650 16,650 22,721 22,721 28,791 34,862 40,932
<br /> Local Tax Credit(8.7112%of GT-DS) (852) (852) (852) (852) (1,341) (1,341) (1,830) (1,830) (2,319) (2,807) (3,296)
<br /> Circuit Breaker Credit (2,928) - - - - - - - - - -
<br /> Taxes Due $ 6,799 $ 9,727 $ 9,727 $ 9,727 $ 15,309 $ 15,309 $ 20,891 $ 20,891 $ 26,473 $ 32,054 $ 37,636
<br /> 3% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%
<br /> Circuit Breaker Cap 6,000 49,905 49,905 49,905 49,905 49,905 49,905 49,905 49,905 49,905 49,905
<br /> Debt Service(0.3997%of Net TTV) 799 799 799 799 1,258 1,258 1,717 1,717 2,176 2,634 3,093
<br /> Max Tax Under the Cap 6,799 50.704 50,704 50,704 51,163 51,163 51,622 51,622 52,080 52,539 52,998
<br /> Year Abatement Total Tax Taxes Abated Net Taxes
<br /> Liability Paid
<br /> 1 100% $ 59,878 $ (50,151) $ 9,727
<br /> 2 100% 59,878 (50,151) 9,727
<br /> 3 100% 59,878 (50,151) 9,727
<br /> 4 95% 59,878 (44,569) 15,309
<br /> 5 95% 59,878 (44,569) 15,309
<br /> 6 90% 59,878 (38,987) 20,891
<br /> 7 90% 59,878 (38,987) 20,891
<br /> 8 85% 59,878 (33,406) 26,473
<br /> 9 80% 59,878 (27,824) 32,054
<br /> 10 75% 59,878 (22,242) 37,636
<br /> Total: 598,782 (401,037) 197,745
<br /> *This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2022 Payable 2023 _°. ", 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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