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5-Year Abatement January 16,2025
<br /> GTA Containers, LLC
<br /> South Bend Portage Township
<br /> Personal Property Tax Abatement Schedule*
<br /> Estimated Equipment Cost: $ 2,300,000
<br /> Asset Pool: Pool#3(9-12 years)
<br /> Property Address: 445 N.Sheridan St
<br /> Tax Key Number: TBD
<br /> Year 1 Year 2 Year 3 Year 4 Year 5
<br /> Assessed Value(AV)
<br /> True Tax Value(TTV) 40% 60% 55% 45% 37%
<br /> New Base(Equipment Cost x TTV) 920,000 1,380,000 1,265,000 1,035,000 851,000
<br /> Abatement 100% 90% 80% 70% 60%
<br /> Abatement Deduction (920,000) (1,242,000) (1,012,000) (724,500) (510,600)
<br /> Net Assessed Value - 138,000 253,000 310,500 340,400
<br /> Property Taxes
<br /> Assume constant tax rate of 5.3548%
<br /> Gross Tax(Tax Rate x Net AV) - 7,390 13,548 16,627 18,228
<br /> Debt Service(0.3840%of Net AV) - 530 972 1,192 1,307
<br /> Local Tax Credit(12.3682%of GT-DS) - (848) (1,555) (1,909) (2,093)
<br /> Circuit Breaker Credit - - - - -
<br /> Taxes Due $ - $ 7,071 $ 12.964 $ 15,910 $ 17.442
<br /> Circuit Breaker Cap 3% 3% 3% 3% 3%
<br /> 27,600 41,400 37,950 31,050 25,530
<br /> Year Abatement New ProjTaxected Taxes Abated NePa es
<br /> aid
<br /> 1 i 00% $ 31.133 $ (31,133) $ -
<br /> 2 90% 46,699 (39,628) 7,071
<br /> 3 80% 42.808 (29,844) 12,964
<br /> 4 70% 35.024 (19,114) 15,910
<br /> 5 60% 28.798 (11.356) 17.442
<br /> Years 1-5 Total: 184,462 (131,075) 53,387
<br /> Years 6-10 Total 80.167 - 80167
<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 /> Department of Community Investment
<br /> -. City of South Bend
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