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5-Year Abatement July 5,2023
<br /> Crossroads Solar Enterprises LLC
<br /> South Bend Portage Township
<br /> Personal Property Tax Abatement Schedule
<br /> Estimated Equipment Cost: $ 1,000,000
<br /> Asset Pool: Pool#3(9-12 years)
<br /> Property Address: 1901 N.Bendix Drive
<br /> Tax Key Number: TBD
<br /> Year 1 Year 2 Year 3 Year 4 Year 5
<br /> Assessed Value(AV)
<br /> True Tax Value(TTV) 40% 60% 55% 45% 37%
<br /> New Base(Equipment Cost x TTV) 400,000 600,000 550,000 450,000 370,000
<br /> Abatement 100% 95% 90% 85% 80%
<br /> Abatement Deduction (400,000) (570,000) (495,000) (382,500) (296,000)
<br /> Net Assessed Value - 30,000 55,000 67,500 74,000
<br /> Property Taxes
<br /> Assume constant tax rate of 5.2897%
<br /> Gross Tax(Tax Rate x Net AV) - 1,587 2,909 3,571 3,914
<br /> Debt Service(0.3997%of Net AV) - 120 220 270 296
<br /> Local Tax Credit(8.7112%of GT-DS) - (128) (234) (288) (315)
<br /> Circuit Breaker Credit - - - - -
<br /> Taxes Due $ - $ 1,579 $ 2,895 $ 3,553 $ 3,895
<br /> Circuit Breaker Cap 3% 3% 3% 3% 3%
<br /> 12,000 18,000 16,500 13,500 11,100
<br /> Proj
<br /> Year Abatement New t
<br /> Taxected Taxes Abated NePa Paid Taxes
<br /> 1 100% $ 13,599 $ (13,599) $ -
<br /> 2 95% 20,398 (18,819) 1,579
<br /> 3 90% 18,698 (15,803) 2,895
<br /> 4 85% 15,299 (11,746) 3,553
<br /> 5 80% 12,579 (8,684) 3,895
<br /> Years 1-5 Total: 80,573 (68,651) 11,922
<br /> Years 6-10 Total: 35,017 - 35,017
<br /> This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2022 Payable 2023.
<br /> The true tax values will ultimately be determined by the actual assessed valuation and the then current tax rates.
<br /> ;`na 1. Department of Community Investment
<br /> • City of South Bend
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