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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
<br />New Projected Net Taxes
<br />Taxes Abated
<br />Tax Paid
<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 rates.
<br />yo,-,:
<br />II\ 't Department of Community Investment
<br />s ! r;' City of South Bend
<br />Filed in Clerk's Office
<br />APR 0 3 2024
<br />Bianca Tiracd(l
<br />City Clerk, South CIAO, IN
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