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10 -Year Abatement
<br />June 20, 2023
<br />Advantix
<br />South Bend Portage Township
<br />Residential Real Property Tax Abatement Schedule "
<br />Type of Dwelling:
<br />Multi -Family Residence
<br />- 50 units -
<br />Estimated Project Cost:
<br />$14,000,000 New Construction
<br />Property Address:
<br />Multiple Properties
<br />Tax Key Number:
<br />Multiple Properties
<br />True Tax Value Method:
<br />Income Income
<br />Income
<br />Income
<br />Income
<br />Income
<br />Income
<br />Income
<br />Income
<br />Income
<br />Capitalization Capitalization
<br />Capitalization
<br />Capitalization
<br />Capitalization
<br />Capitalization
<br />Capitalization
<br />Capitalization
<br />Capitalization
<br />Capitalization
<br />Assessed (AV) and
<br />Current
<br />Year 1 Year 2
<br />Year 3
<br />Year 4
<br />Year 5
<br />Year 6
<br />Year 7
<br />Year 8
<br />Year 9
<br />Year 10
<br />True Tax Value (TTV)
<br />Land (AV)
<br />$ 200,000
<br />$ 200,000 $ 200,000
<br />$ 200,000
<br />$ 200,000
<br />$ 200,000
<br />$ 200,000
<br />$ 200,000
<br />$ 200,000
<br />$ 200,000
<br />$ 200,000
<br />Structure (Structure TTV)
<br />-
<br />2,295,238 2,295,238
<br />2,295,238
<br />2,295,238
<br />2,295,238
<br />2,295,238
<br />2,295,238
<br />2,295,238
<br />2,295,238
<br />2,295,238
<br />Gross TTV
<br />200,000
<br />2,495,238 2,495,238
<br />2,495,238
<br />2,495,238
<br />2,495,236
<br />2,495,238
<br />2,495,238
<br />2,495,238
<br />2,495,238
<br />2,495,238
<br />Abatement
<br />100% 100%
<br />100%
<br />95%
<br />95%
<br />90%
<br />90%
<br />85%
<br />80%
<br />75%
<br />Abatement Deduction
<br />(2,295,238) (2,295,238)
<br />(2,295,238)
<br />(2,180,476)
<br />(2,180,476)
<br />(2,065,714)
<br />(2,065,714)
<br />(1,950,952)
<br />(1,836,190)
<br />(1,721,429)
<br />Net TTV
<br />200,000
<br />200,000 200,000
<br />200,000
<br />314,762
<br />314,762
<br />429,524
<br />429,524
<br />544,286
<br />659,048
<br />773,810
<br />Property Taxes
<br />Assume constant tax rate of 5 2897%
<br />Gross Tax (Tax Rate x Net TTV)
<br />10,579
<br />10,579 10,579
<br />10,579
<br />16,650
<br />16,650
<br />22,721
<br />22,721
<br />28,791
<br />34,862
<br />40,932
<br />Local Tax Credit (8.7112% of GT -DS)
<br />(852)
<br />(852) (852)
<br />(852)
<br />(1,341)
<br />(1,341)
<br />(1,830)
<br />(1,830)
<br />(2,319)
<br />(2,807)
<br />(3,296)
<br />Circuit Breaker Credit
<br />(2,928)
<br />Taxes Due
<br />$ 6,799
<br />$ 9,727 $ 9,727
<br />$ 9,727
<br />$ 15,309
<br />$ 15,309
<br />$ 20,891
<br />$ 20,891
<br />$ 26,473
<br />$ 32,054
<br />$ 37,636
<br />3%
<br />2% 2%
<br />2%
<br />2%
<br />2%
<br />2%
<br />2%
<br />2%
<br />2%
<br />2%
<br />Circuit Breaker Cap
<br />6,000
<br />49,905 49,905
<br />49,905
<br />49,905
<br />49,905
<br />49,905
<br />49,905
<br />49,905
<br />49,905
<br />49,905
<br />Debt Service f0 3997% of Net TTV)
<br />799
<br />799 799
<br />799
<br />1,256
<br />1,258
<br />1,717
<br />1,717
<br />2,176
<br />2, 634
<br />3,093
<br />Max Tax Under the Cap
<br />6,799
<br />50,704 50,704
<br />50,704
<br />51,163
<br />51,163
<br />51,622
<br />51.622
<br />52, 080
<br />52,539
<br />52,998
<br />Total Tax
<br />Net Taxes
<br />Year
<br />Abatement
<br />Liabili�
<br />Taxes Abated
<br />Paid
<br />1
<br />100%
<br />S 59 876
<br />S (50,151)
<br />$ 9,727
<br />2
<br />100%
<br />59,878
<br />(50,151)
<br />9,727
<br />�. 3
<br />100%
<br />59.878
<br />(50.151)
<br />9,727
<br />4
<br />95%
<br />5987B
<br />(44,569)
<br />15,309 f
<br />5
<br />95%
<br />69.878
<br />44.569)
<br />15,309
<br />6
<br />90%
<br />59 878
<br />(38,967)
<br />20,891
<br />7
<br />90%
<br />59.878
<br />(8.98
<br />20,891
<br />( 8
<br />85%
<br />59,878
<br />(33,40
<br />26,473
<br />9
<br />80%
<br />59.878
<br />f 27,824
<br />32,054
<br />f 10
<br />75%
<br />598
<br />(22,242
<br />37,636
<br />Total:
<br />698,782
<br />(4401,037)
<br />197,745
<br />" This schedule is for estimation purposes only and assumes constant
<br />tax rates equal to those for 2022 Payable 2023
<br />= •:''�
<br />Department of Community
<br />Investment
<br />The true tax values will ultimately be determined by the actual assessed valuation and the then -current
<br />tax rates
<br />-
<br />City of South Bend
<br />
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