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6-Year Abatement April 7,2026
<br /> Wharf Partners LLC
<br /> South Bend Portage Township-Real Property Tax Abatement Schedule(Multi-Family Residence)
<br /> Type of Property: Multi-Family Residence
<br /> Estimated Project Cost: $ 24,250,000 New Construction
<br /> Property Address: 312-318 E.Colfax Avenue
<br /> Tax Key Number: 71-08-12-130-002.000-026;71-08-12-130-011.000-026
<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
<br /> Assessed Value(AV)
<br /> Land $ 350,000 $ 350,000 $ 350,000 $ 350,000 $ 350,000 $ 350,000 $ 350,000 $ 350,000
<br /> Structure(60%AV of Project Cost) - 14,550,000 14,550,000 14,550,000 14,550,000 14,550,000 14,550,000 14,550,000
<br /> Gross Assessed Value 350,000 14,900,000 14,900,000 14,900,000 14,900,000 14,900,000 14,900,000 14,900,000
<br /> Abatement 100% 100% 100% 0% 0% 0%
<br /> Abatement Deduction - - (10,825,000) (10,080,000) (9,573,400) - - -
<br /> Standard Homestead Deduction - - - - - - - -
<br /> Supplemental Homestead Deduction - - - - - - - -
<br /> Non-Homestead Standard Deduction - (3,725,000) (3,725,000) (4,470,000) (4,976,600) (4,976,600) (4,976,600) (4,976,600)
<br /> Net Assessed Value 350,000 11,175,000 350,000 350,000 350,000 9,923,400 9,923,400 9,923,400
<br /> Property Taxes
<br /> Assume constant tax rate of 5.0426%
<br /> Gross Tax(Tax Rate x Net AV) 17,649 563,511 17,649 17,649 17,649 500,397 500,397 500,397
<br /> Local Tax Credit (1,658) - - - - - - -
<br /> Circuit Breaker Credit (4,240) (225,560) - - - (166,921) (166,921) (166,921)
<br /> Supplemental Homestead Credit - - - - - - - -
<br /> Taxes Due $ 11,751 $ 337,951 $ 17,649 $ 17,649 $ 17,649 $ 333,476 $ 333,476 $ 333,476
<br /> 3% 2% 2% 2% 2% 2% 2% 2%
<br /> Circuit Breaker Cap 10,500 298,000 298,000 298,000 298,000 298,000 298,000 298,000
<br /> Debt Service(0.3575%of Net AV) 1,251 39,951 1,251 1,251 1,251 35,476 35,476 35,476
<br /> Max Tax Under the Cap 11,751 337,951 299,251 299.251 299.251 333.476 333,476 333,476
<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 /> 2029 100% S 11,751 $ 326,199 $ 337,951 $ (320,302) $ 17 649
<br /> 2030 100% 11,751 323,536 335,287 (317,638) 17,649
<br /> 2031 100% _ 11,751 321,725 333,476 (315,827) 17,649
<br /> 2032 0% 11,751 321,725 333,476__ _ - 333,476
<br /> 2033 0% 11.751 321.725 333.476 - 333,476
<br /> 2034 0% I 1 751 '321 725 333 476 333.476
<br /> Total, 70,508 I 1,936,635 2,007,143 (953,767) 1,053,376
<br /> This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2024 Payable 2025. ,"bb,1` Department of Community Investment
<br /> The true tax values will ultimately be determined by the actual assessed valuation and the then current tax rates. ` • 0 City of South Bend
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