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8-Year Abatement November 19,2024
<br /> Empowerher Development LLC
<br /> South Bend Portage Township
<br /> Commerical Development Real Property Tax Abatement Schedule
<br /> Type of Property: Mixed Use
<br /> Estimated Project Cost: $ 1,401,500 Rehabilitation
<br /> Property Address: 530 S.Michigan Street
<br /> Tax Key Number: 71-08-12-307-005.000-026
<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 $ 88,900 $ 88,900 $ 88,900 $ 88,900 $ 88,900 $ 88,900 $ 88,900 $ 88,900 $ 88,900 $ 88,900
<br /> Structure(AV=60%Project Cost) 227,100 1,068,000 1,068,000 1,068,000 1,068,000 1,068,000 1,068,000 1,068,000 1,068,000 1,068,000
<br /> Gross Assessed Value 316,000 1,156,900 1,156,900 1,156,900 1,156,900 1,156,900 1,156,900 1,156,900 1,156,900 1,156,900
<br /> Abatement 100% 90% 80% 70% 60% 50% 50% 50%
<br /> Abatement Deduction - (840,900) (756,810) (672,720) (588,630) (504,540) (420,450) (420,450) (420,450)
<br /> Net Assessed Value 316,000 1,156,900 316,000 400,090 484,180 568,270 652,360 736,450 736,450 736,450
<br /> Property Taxes
<br /> Assume constant tax rate of 5.3548%
<br /> Gross Tax(Tax Rate x Net AV) 16,921 61,950 16,921 21,424 25,927 30,430 34,933 39,435 39,435 39,435
<br /> Local Tax Credit(12.3682%of GT-DS) (1,943) (7,113) (1,943) (2,460) (2,977) (3,494) (4,011) (4,528) (4,528) (4,528)
<br /> Circuit Breaker Credit (4,285) (15,688) - - - - - - - -
<br /> Taxes Due $ 10,693 $ 39,150 $ 14,978 $ 18,964 $ 22,950 $ 26,936 $ 30,922 $ 34,908 $ 34,908 $ 34,908
<br /> 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
<br /> Circuit Breaker Cap 9,480 34,707 34,707 34,707 34,707 34,707 34,707 34,707 34,707 34,707
<br /> Debt Service(0.3840%of Net AV) 1,213 4,443 1,213 1,536 1,859 2,182 2,505 2,828 2,828 2,828
<br /> Max Tax Under the Cap 10,693 39,150 35,920 36,243 36,566 36,889 37,212 37,535 37,535 37,535
<br /> Combined
<br /> Year Abatement Current Taxes New Current& Taxes Abated Net Taxes
<br /> Due Projected Tax New Taxes Paid
<br /> 1 100% $ 10,693 $ 28,456 $ 39,150 $ (24,171) $ 14,978
<br /> 2 90% 10,693 28,456 39,150 (20,185) 18,964
<br /> 3 80% 10,693 28,456 39,150 (16,199) 22,950
<br /> 4 70% 10,693 28,456 39,150 (12,213) 26,936
<br /> 5 60% 10,693 28,456 39,150 (8,228) 30,922
<br /> 6 50% 10,693 28,456 39,150 (4,242) 34,908
<br /> 7 50% 10,693 28,456 39,150 (4,242) 34,908
<br /> 8 50% 10,693 28,456 39,150 (4,242) 34,908
<br /> Total: 85,548 227,648 313,196 (93,722) 219,474
<br /> *This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2023 Payable 2024. ..r,° 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
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