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7-Year Abatement October 21,2025
<br /> Michigan Motorsports LLC
<br /> South Bend German Township-Residential Real Property Tax Abatement Schedule'
<br /> Type of Property. Warehouse
<br /> Estimated Project Cost: $ 4,000.000 New Construction
<br /> Property Address: 3315 William Richardson Court,South Bend.IN 46628
<br /> Tax Key Number 71-03-21-232-021.000-009
<br /> Project Compte
<br /> Before Project No Abatement With Abatement
<br /> Tax Year/Pay Year: 2027/Pay 2028 2028/Pay 2029 2028/Pay 2029 2029/Pay 2030 2030/Pay 2031 2031/Pay 2032 2032/Pay 2033 2033/Pay 2034 2034/Pay 2035
<br /> Assessed Value(AV)
<br /> Land $ 76,300 $ 76,300 $ 76,300 $ 76,300 $ 76,300 $ 76,300 $ 76,300 $ 76,300 $ 76,300
<br /> Structure(60%AV of Project Cost) - 2,400,000 2,400,000 2,400,000 2,400,000 2,400,000 2,400,000 2,400,000 2,400,000
<br /> Gross Assessed Value 76,300 2,476,491 2,476,300 2,476,300 2,476,300 2,476,300 2,476,300 2,476,300 2,476,300
<br /> Abatement 100% 90% 80% 70% 60% 50% 50%
<br /> Abatement Deduction - - (2,400,000) (2,160,000) (1.920.000) (1,680,000) (1,440,000) (1,200,000) (1,200,000)
<br /> Standard Homestead Deduction - - - - - - - -
<br /> Supplemental Homestead Deduction - - - - - - - - -
<br /> Non-Homestead Standard Deduction - - - - - - - - -
<br /> Net Assessed Value 76,300 2,476,300 76.300 316,300 556 300 796,300 1,036,300 1,276,300 1,276,300
<br /> Property Taxes
<br /> Assume constant tax rate of 4.9602%
<br /> Gross Tax(Tax Rate x Net AV) 3.785 122,829 3 785 15.689 27.594 39 498 51.403 63 307 63 307
<br /> Local Tax Credit (355) - - - - - -
<br /> Circuit Breaker Credit (868) (39,688) - - - - - - -
<br /> Supplemental Homestead Credit - - - - - - - - -
<br /> Taxes Due $ 2,562 $ 83,142 $ 3,785 S 15,689 $ 27.594 $ 39,498 $ 51.403 $ 63.307 $ 63.307
<br /> 3% 3% 3% 3% 3% 3% 3% 3% 3%
<br /> Circuit Breaker Cap 2,289 74,289 74,289 74,289 74,289 74,289 74,289 74,289 74,289
<br /> Debt Service(0.3575%of Net AV) 273 8,853 273 _ 1,131 1,989 2,847 3,705 4,563 4,563
<br /> Max Tax Under the Cap 2 562 83 142 '4 562 75 420 76.278 77.136 77,994 78,852 78,852
<br /> Estimated Pre- Projected Total Projected
<br /> Pay Year Abatement Project Tax Liability Additional Tax Tax Liability Taxes Abated Net Taxes Paid
<br /> Lability (Current+Add'l)
<br /> 2029 100% $ 2.562 $ 80,580 $ 0 142 S (79,357) $
<br /> 2030 90% 2,562 80,580 83,142 (67,453) 15,689
<br /> 2031 80% 2,562 80,580 83,142 (55,548) 27,594
<br /> 2032 70% 2,562 80,580 83,142 (43.644) 39,498
<br /> 2033 60% 2,562 80,580 83,142 (31 739) 51,403
<br /> 2034 50% 2,562 80,580 83.142 (19,835) 63,307
<br /> 2035 50% 2,562 80,580 83,142 (19,835) 63,307
<br /> Total: 17,932 564,060 581,992 (317,410) 264,582
<br /> This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2024 Payable 2025. Department of Community Investment
<br /> The true lax values will ultimately be determined by the actual assessed valuation and the then current tax rates. (Itlb.'-
<br /> City of South Bend
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