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February
<br /> Abatement 2,2026
<br /> David A Nufer. LLC
<br /> South Bend Portage Township-Real Property Tax Abatement Schedule(Retail Establishment)*
<br /> Type of Property: Retail Establishment
<br /> Estimated Project Cost: $ 1,200,000 Addition
<br /> Property Address: 2614-2626 S.Main Street;109 W.Eckman Street
<br /> Tax Key Number 71-08-24-105-005.000-026;71-08-24-105-006.000-026;71-08-24-105-007.000-026;71-08-24-105-009.000-026
<br /> Project Compte
<br /> Before Project No Abatement With Abatement
<br /> Tax Year/Pay Year 2026/Pay 2027 2027/Pav 2028 2027/Pay 2028 2028/Pay 2029 2029/Pay 2030 2030/Pay 2031 2031/Pay 2032 2032/Pay 2033
<br /> Assessed Value(AV)
<br /> Land $ 24,900 $ 24,900 $ 24,900 $ 24,900 $ 24,900 $ 24,900 $ 24,900 $ 24,900
<br /> Structure(60%AV of Project Cost) 14,800 734,800 734,800 734,800 734,800 734,800 734,800 734,800
<br /> Gross Assessed Value 39,700 759,700 759,700 759,700 759,700 759,700 759,700 759,700
<br /> Abatement 100% 95% 90% 85% 80% 70%
<br /> Abatement Deduction - - (720,000) (684,000) (648,000) (612,000) (576,000) (504,000)
<br /> Standard Homestead Deduction - -
<br /> - - - -
<br /> Supplemental Homestead Deduction - - - - - - -
<br /> Non-Homestead Standard Deduction -
<br /> Net Assessed Value 39.700 759,700 39,700 75,700 111,700 147,700 183,700 255,700
<br /> Property Taxes
<br /> Assume constant tax rate of 5.0426%
<br /> Gross Tax(Tax Rate x Net AV) 2,002 38,309 2,002 3,817 5,633 7,448 9,263 12,894
<br /> -
<br /> Local Tax Credit (188) (3,599) (188) - -
<br /> Circuit Breaker Credit (481) (9,202) - - -
<br /> _ -
<br /> Sup.lemental Homestead Credit -
<br /> - -
<br /> Taxes Due $ 1,333 $ 25.507 $ 1,814 $ 3,817 $ 5,633 $ 7,448 $ 9,263 $ 12,894
<br /> 3% 3% 3% 3% 3% 3% 3% 3%
<br /> Circuit Breaker Cap 1,191 22,791 22,791 22,791 22,791 22,791 22,791 22,791
<br /> Debt Service(0.3575%of Net AV) 142 2,716 142 271 399 528 657 914
<br /> Max Tax Under the Cap 1.333 25.507 22.933 23,062 23.190 23,319 23,448 23,705
<br /> Estimated Pre- Projected Total Projected
<br /> Pay Year Abatement Project Tax Liability Additional Tax Tax Liability Taxes Abated Net Taxes Paid
<br /> Liability (Current+Add'I)
<br /> 2028 100% $ 1,333 $ 24,174 $ 25,507 $ (23,693) $ 1,814
<br /> 2029 95% 1,333 24,174 25,507 (21,690) 3,817
<br /> 2030 90% 1,333 24,174 25,507 (19,874) 5,633
<br /> 2031 85% 1,333 24,174 25,507 (18,059) 7,448
<br /> 2032 80% 1,333 24,174 25,507 (16,244) 9,263
<br /> 2033 70% 1,333 24,174 25.507 (12,613) 12,894
<br /> Total: 7,998 145,044 153,042 (112,173) 40,869
<br /> �z
<br /> ,, Department of Community Investment
<br /> •This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2024 Payable 2025. City of South Bend
<br /> The true fax values will ultimately be determined by the actual assessed valuation and the then current tax rates. ,
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