|
8-Year Abatement March 5,2024
<br /> Momentum Development Group, LLC
<br /> South Bend Portage Township
<br /> Commerical Development Real Property Tax Abatement Schedule*
<br /> Type of Property: Mixed Use
<br /> Estimated Project Cost: $ 5,333,000 Rehabilitation
<br /> Property Address: 510 S.Main Street
<br /> Tax Key Number: 71-08-12-306-001.000-026
<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 $ 38,600 $ 38,600 $ 38,600 $ 38,600 $ 38,600 $ 38,600 $ 38,600 $ 38,600 $ 38,600 $ 38,600
<br /> Structure(AV=70%Project Cost) 577,000 4,310,100 4,310,100 4,310,100 4,310,100 4,310,100 4,310,100 4,310,100 4,310,100 4,310,100
<br /> Gross Assessed Value 615,600 4,348,700 4,348,700 4,348,700 4,348,700 4,348,700 4,348,700 4,348,700 4,348,700 4,348,700
<br /> Abatement 100% 100% 95% 95% 90% 90% 85% 85%
<br /> Abatement Deduction - (3,733,100) (3,733,100) (3,546,445) (3,546,445) (3,359,790) (3,359,790) (3,173,135) (3,173,135)
<br /> Net Assessed Value 615,600 4,348,700 615,600 615,600 802,255 802,255 988,910 988,910 1,175,565 1,175,565
<br /> Property Taxes
<br /> Assume constant tax rate of 5.2897%
<br /> Gross Tax(Tax Rate x Net AV) 32,563 230,033 32,563 32,563 42,437 42,437 52,310 52,310 62,184 62,184
<br /> Local Tax Credit(8.7112%of GT-DS) (2,622) (18,524) (2,622) (2,622) (3,417) (3,417) (4,213) (4,213) (5,008) (5,008)
<br /> Circuit Breaker Credit (9,013) (63,666) - - - - - - - -
<br /> Taxes Due $ 20,929 $ 147,843 $ 29,941 $ 29,941 $ 39,019 $ 39,019 $ 48,098 $ 48,098 $ 57,176 $ 57,176
<br /> 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
<br /> Circuit Breaker Cap 18,468 130,461 130,461 130,461 130,461 130,461 130,461 130,461 130,461 130,461
<br /> Debt Service(0.3997%of Net AV) 2,461 17,382 2,461 2,461 3,207 3,207 3,953 3,953 4,699 4,699
<br /> Max Tax Under the Cap 20,929 147,843 132,922 132,922 133,668 133,668 134,414 134,414 135,160 135,160
<br /> Combined
<br /> Year Abatement Current Taxes New Current& Taxes Abated Net Taxes
<br /> Due Projected Tax New Taxes Paid
<br /> 1 100% $ 20,929 $ 126,914 $ 147,843 $ (117,902) $ 29,941
<br /> 2 100% 20,929 126,914 147,843 (117,902) 29,941
<br /> 3 95% 20,929 126,914 147,843 (108,823) 39,019
<br /> 4 95% 20,929 126,914 147,843 (108,823) 39,019
<br /> 5 90% 20,929 126,914 147,843 (99,745) 48,098
<br /> _ 6 90% 20,929 126,914 147,843 (99,745) 48,098
<br /> 7 85% 20,929 126,914 147,843 (90,667) 57,176
<br /> 8 85% 20,929 126,914 147,843 (90,667) 57,176
<br /> Total: 167,428 1,015,314 1,182,742 (834,273) 348,469
<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
<br />
|