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10-Year Abatement June 20,2023
<br /> KCG Companies, LLC
<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: $12,323,616 New Construction
<br /> Property Address: 1202 South Lafayette Boulevard
<br /> Tax Key Number: 71-08-13-152-001,000-026;71-08-13-152-002,000-026
<br /> True Tax Value Method: 5%of Total 5%of Total 5%of Total 5%of Total 5%of Total 5%of Total 5%of Total 5%of Total 5%of Total 5%of Total
<br /> Gross Rent Gross Rent Gross Rent Gross Rent Gross Rent Gross Rent Gross Rent Gross Rent Gross Rent Gross Rent
<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) $ 10,800 $ 10,800 $ 10,800 $ 10,800 $ 10,800 $ 10,800 $ 10,800 $ 10,800 $ 10,800 $ 10,800 $ 10,800
<br /> Structure(Structure TTV) - 472,617 486,795 501,399 516,441 531,934 547,892 564,329 581,259 598,697 616,657
<br /> Gross TTV 10,800 483,417 497,595 512,199 527,241 542,734 558,692 575,129 592,059 609,497 627,457
<br /> Abatement 100% 100% 100% 95% 95% 90% 90% 85% 80% 75%
<br /> Abatement Deduction (472,617) (486,795) (501,399) (490,619) (505,337) (493,103) (507,896) (494,070) (478,957) (462,493)
<br /> Net TTV 10,800 10,800 10,800 10,800 36,622 37,397 65,589 67,233 97,989 130,539 164,964
<br /> Property Taxes
<br /> Assume constant tax rate of 5.2897%
<br /> Gross Tax(Tax Rate x Net TTV) 571 571 571 571 1,937 1,978 3,469 3,556 5,183 6,905 8,726
<br /> Local Tax Credit(8.7112%of GT-DS) (46) (46) (46) (46) (156) (159) (279) (286) (417) (556) (703)
<br /> Circuit Breaker Credit (158) - - - - - - - - - -
<br /> Taxes Due $ 367 $ 525 $ 525 $ 525 $ 1,781 $ 1,819 $ 3,190 $ 3,270 $ 4,766 $ 6,349 $ 8,023
<br /> 3% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%
<br /> Circuit Breaker Cap 324 197,394 197,394 197,394 19 7,394 197,394 197,394 19 7,394 197,394 197,394 197,394
<br /> Debt Service(0.3997%of Net TTV) 43 43 43 43 146 149 262 269 392 522 659
<br /> Max Tax Under the Cap 367 197,437 197,437 197,437 197,540 197,543 197,656 197,663 197,786 197,916 198,053
<br /> Year Abatement Total Tax Net Taxes
<br /> Taxes Abated
<br /> Liability Paid
<br /> 1 100% $ 23,512 $ (22,987) $ 525
<br /> 2 100% 24,202 (23,676) 525
<br /> 3 100% 24,912 (24,387) 525
<br /> 4 95% 25,644 (23,862) 1,781
<br /> 5 95% 26,397 (24,578) 1,819
<br /> 6 90% 27,173 (23,983) 3,190
<br /> 7 90% 27,973 (24,703) 3,270
<br /> 8 85% 28,796 (24,030) 4,766
<br /> 9 80% 29,644 (23,295) 6,349
<br /> 10 75% 30,518 (22,494) 8,023
<br /> Total: 268,770 (237,996) 30,774
<br /> This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2022 Payable 2023. ;`,•y'°. 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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