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2-Year Abatement January 16,2025 <br /> Studebaker Center LLC <br /> South Bend Portage Township <br /> Vacant Building Tax Abatement Schedule * <br /> Property Address: 635 S. Main Street <br /> Tax Key Number: 71-08-12-352-001.000-026 <br /> Current Year 1 Year 2 <br /> Assessed Value(AV) <br /> Land $ 58,400 $ 58,400 $ 58,400 <br /> Structure 394,500 394,500 394,500 <br /> Gross Assessed Value 452,900 452,900 452,900 <br /> Abatement(100%of Structure) 100% 75% <br /> Abatement Deduction (394,500) (295,875) <br /> Net Assessed Value 452,900 58,400 157,025 <br /> Property Taxes <br /> Assume constant tax rate of 5.3548% <br /> Gross Tax(Tax Rate x Net AV) 24,252 3,127 8,408 <br /> Local Tax Credit(12.3682%of GT-DS (2,784) (359) (965) <br /> Circuit Breaker Credit (6,141) - - <br /> Taxes Due $ 15,326 $ 2.768 $ 7,443 <br /> 3% 3% 3% <br /> Circuit Breaker Cap 13,587 13,587 13,587 <br /> Debt Service(0.3840%of Net AV) 1,739 224 603 <br /> Max Tax Under the Cap 15,326 13,811 14,190 <br /> Year Abatement Taxes Due Taxes Abated Net Taxes <br /> Paid <br /> 1 100% $ 15,326 $ (12,558) $ 2.768 <br /> 2 75% 15,326 (7,883) 7,443 <br /> Total: 30,652 (20,441) 10,211 <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 /> 1 `� <br /> Department of Community Investment <br /> a •e ' City of South Bend <br />