|
5 YEAR
<br />GTA Containers
<br />South Bend Portage Township Personal Property Tax Abatement Schedule*
<br />Tax Key Number
<br />Current Assessed Value:
<br />Estimated Project Cost:
<br />18-35174
<br />330,930
<br />400,000
<br />14-J u I-08
<br /> 40% 56%~ 42% 32% 24%
<br /> Current 100% 80% 60% 40% 20%
<br />Assessed Value: AV & Tax Year 1 Year 2 Year 3 Year 4 Year 5
<br />Current Assessed Value 100% 330,930 330,930 330,930 330,930 330,930 330,930
<br />Base Assessed Value 160,000 224,000 168,000 128,000 96,000
<br />Less Abatement Deduction (160,000) (179,200) (100,800) (51,200) (19,200)
<br />Net Assessed Value 330,930 330,930 375,730 398,130 407,730 407,730
<br />Prooerty Taxes:
<br />Assume constant tax rate of 4.3015% 4.3015% 4.3015% 4.3015% 4.3015% 4.3015%
<br />Gross Tax (tax rate x net assessed value)
<br />Less Circuit Breaker Credit
<br />Net Tax
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />Debt Service
<br />Circuit Braker Cap
<br />14,235 14,235 16,162 17,126 17,539 17,539
<br />(2,495) 0 0 (217) (577) (577)
<br />11,740 14,235 16,162 16,908 16,961 16,961
<br />3.0000% 9,928 14,728 14,728 14,728 14,728 14,728
<br />0.5477% 1,813 1,813 2,058 2,181 2,233 2,233
<br />11,740 16,540 16,786 16,908 16,961 16,961
<br /> New Combined Net
<br /> Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1 11,740 5,676 17,417 3,182 14,235
<br />2 11,740 6,027 17,767 1,605 16,162
<br />3 11,740 5,720 17,461 552 16,908
<br />4 11,740 5,501 17,241 280 16,961
<br />5 11,740 5,326 17,066 105 16,961
<br />Totals 58,702 28,250 86,952 5,725 81,228
<br />"This schedule is for estimation purposes only and assumes constant tax rates. The true tax values
<br />will ultimately be determined by the actual assessed valuation and the then current tax rates.
<br />
|