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2-Year Abatement November 19, 2024 <br /> Empowerher Development LLC <br /> South Bend Portage Township <br /> Vacant Building Tax Abatement Schedule <br /> Property Address: 530 S. Michigan Street <br /> Tax Key Number: 71-08-12-307-005.000-026 <br /> Current Year 1 Year 2 <br /> Assessed Value(AV) <br /> Land $ 88,900 $ 88,900 $ 88,900 <br /> Structure 227,100 227,100 227,100 <br /> Gross Assessed Value 316,000 316,000 316,000 <br /> Abatement(100%of Structure) 100% 75% <br /> Abatement Deduction (227,100) (170,325) <br /> Net Assessed Value 316,000 88,900 145,675 <br /> Property Taxes <br /> Assume constant tax rate of 5.3548% <br /> Gross Tax(Tax Rate x Net AV) 16,921 4,760 7,801 <br /> Local Tax Credit(12.3682%of GT-DS (1,943) (547) (896) <br /> Circuit Breaker Credit (4,285) - - <br /> Taxes Due $ 10,693 $ 4,214 $ 6,905 <br /> 3% 3% 3% <br /> Circuit Breaker Cap 9,480 9,480 9,480 <br /> Debt Service(0.3840%of Net AV) 1,213 341 559 <br /> Max Tax Under the Cap 10,693 9,821 10,039 <br /> Year Abatement Taxes Due Taxes Abated Net Taxes <br /> Paid <br /> 1 100% $ 10,693 $ (6,480) $ 4,214 <br /> 2 75% 10,693 (3,788) 6,905 <br /> Total: 21,387 (10,268) 11,119 <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 /> .q,� <br /> i � s s <br /> Department of Community Investment <br /> ;; • g' City of South Bend <br />