|
8-Year Abatement January 3,2025
<br /> RSPG Global Consulting LLC
<br /> South Bend Portage Township
<br /> Commerical Development Real Property Tax Abatement Schedule
<br /> Type of Property: Mixed Use
<br /> Estimated Project Cost: $ 4,000,000 Rehabilitation
<br /> Property Address: 225,227,229 S.Michigan
<br /> Tax Key Number: 71-08-12-157-009.000-026/71-08-12-157-010.000-026
<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 $ 38,600 $ 38,600 $ 38,600 $ 38,600 $ 38,600 $ 38,600 $ 38,600 $ 38,600 $ 38,600 $ 38,600
<br /> Structure(AV=80%Project Cost) 210,700 3,410,700 3,410,700 3,410,700 3,410,700 3,410,700 3,410,700 3,410,700 3,410,700 3,410,700
<br /> Gross Assessed Value 249,300 3,449,300 3,449,300 3,449,300 3,449,300 3,449,300 3,449,300 3,449,300 3,449,300 3,449,300
<br /> Abatement 100% 95% 95% 90% 80% 80% 60% 50%
<br /> Abatement Deduction - (3,200,000) (3,040,000) (3,040,000) (2,880,000) (2,560,000) (2,560,000) (1,920,000) (1,600,000)
<br /> Net Assessed Value 249,300 3,449,300 249,300 409,300 409,300 569,300 889,300 889,300 1,529,300 1,849,300
<br /> Property Taxes
<br /> Assume constant tax rate of 5.3548%
<br /> Gross Tax(Tax Rate x Net AV) 13,350 184,703 13,350 21,917 21,917 30,485 47,620 47.620 81,891 99,026
<br /> Local Tax Credit(12.3682%of GT-DS) (1,533) (21,206) (1,533) (2,516) (2,516) (3,500) (5,467) (5.467) (9,402) (11,369)
<br /> Circuit Breaker Credit (3,381) (46,773) - - - - - - - -
<br /> Taxes Due $ 8,436 $ 116,724 $ 11,817 $ 19,401 $ 19,401 $ 26,985 $ 42,153 $ 42,153 $ 72,489 $ 87,657
<br /> 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
<br /> Circuit Breaker Cap 7,479 103,479 103,479 103,479 103,479 103,479 103,479 103,479 103,479 103,479
<br /> Debt Service(0.3840%of Net AV) 957 13,245 957 1,572 1,572 2,186 3,415 3,415 5,873 7,101
<br /> Max Tax Under the Cap 8.436 116,724 104,436 105,051 105,051 105,665 106,894 106,894 109,352 110,580
<br /> Combined
<br /> Year Abatement Current Taxes New Net Taxes
<br /> Current& Taxes Abated
<br /> Due Projected Tax Paid
<br /> New Taxes
<br /> 1 100% $ 8,436 $ 108,288 $ 116,724 $ (104,907) $ 11,817
<br /> --
<br /> 2 95% 8,436 108,288 116,724 (97,323) 19,401
<br /> 3 95% 8,436 108,288 116,724 (97,323) 19,401
<br /> 4 90% _ 8,436 108,288 116,724 (89,739) 26,985
<br /> _ 5 80% 8,436 108,288 116,724 (74,571) 42,153
<br /> 6 80% 8,436 108,288 116,724_ _ (74,571) 42,153
<br /> 7 60% 8,436 108,288 116,724 (44,235) 72,489
<br /> 8 50% 8,436 108,288 116,724 (29,067) 87,657
<br /> Total: 67,490 866,304 933,794 (611,740) 322,055
<br /> ny
<br /> 'This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2023 Payable 2024. ,° 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
<br />
|