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5-Year Abatement April 2,2024
<br /> Steel Warehouse Company, LLC
<br /> South Bend Portage Township
<br /> Personal Property Tax Abatement Schedule*
<br /> Estimated Equipment Cost: $ 9,050,000
<br /> Asset Pool: Pool#4(13 years and longer)
<br /> Property Address: 2722 Tucker Drive
<br /> Tax Key Number: 71-08-15-151-002.000-026&71-08-15-151-003.000-026
<br /> Year 1 Year 2 Year 3 Year 4 Year 5
<br /> Assessed Value(AV)
<br /> True Tax Value(TTV) 40% 60% 63% 54% 46%
<br /> New Base(Equipment Cost x TTV) 3,620,000 5,430,000 5,701,500 4,887,000 4,163,000
<br /> Abatement 100% 90% 80% 70% 60%
<br /> Abatement Deduction (3,620,000) (4,887,000) (4,561,200) (3,420,900) (2,497,800)
<br /> Net Assessed Value - 543,000 1,140,300 1,466,100 1,665,200
<br /> Property Taxes
<br /> Assume constant tax rate of 5.3548%
<br /> Gross Tax(Tax Rate x Net AV) - 29,077 61,061 78,507 89,168
<br /> Debt Service(0.3840%of Net AV) - 2,085 4,379 5,630 6,394
<br /> Local Tax Credit(12.3682%of GT-DS) - (3,338) (7,011) (9,014) (10,238)
<br /> Circuit Breaker Credit - - - - -
<br /> Taxes Due $ - $ 27,823 $ 58,429 $ 75,123 $ 85,325
<br /> Circuit Breaker Cap 3% 3% 3% 3% 3%
<br /> 108,600 162,900 171,045 146,610 124,890
<br /> Year Abatement New ProjectedTa Taxes Abated Net Taxes
<br /> 1 100% $ 122,501 $ (122,501) $ -
<br /> 2 90% 183,751 (155,928) 27,823
<br /> 3 80% 192,939 (134,510) 58,429
<br /> 4 70% 165,376 (90,253) 75,123
<br /> 5 60% 140,876 (55,551) 85,325
<br /> Years 1-5 Total: 805,443 (558,743) 246,700
<br /> Years 6-10 Total: 456,315 - 456,315
<br /> *This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2023 Payable 2024.
<br /> The true tax values will ultimately be determined by the actual assessed valuation and the then current tax r'S''''''AiN
<br /> i'Es Ilk
<br /> II Department of Community Investment
<br /> a ra City of South Bend
<br /> Filed in Clerk's Office
<br /> APR 0 3 2021t
<br /> Bianca Tirado
<br /> City Clerk, South Bend, IN
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