|
5 YEAR
<br />Mann + Hummel USA, Inc.
<br />South Bend Portage Township Personal Property Tax Abatement Schedule*
<br />Tax Key Number
<br />Current Assessed Value:
<br />Estimated Project Cost:
<br />5- Aug -08
<br />Gross Tax (tax rate x net assessed value)
<br />Less Circuit Breaker Credit
<br />Net Tax
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />Debt Service
<br />Circuit Braker Cap
<br />112,123 112,123 121,758 126,576 128,641 128,641
<br />(19,649) 0 (4,057) (8,261) (10,063) (10,063)
<br />92,474 112,123 117,701 118,315 118,578 118,578
<br />3.0000% 78,198 102,198 102,198 102,198 102,198 102,198
<br />0.5477% 14,276 14,276 15,503 16,117 16,380 16,380
<br />92,474 116,474 117,701 118,315 118,578 118,578
<br />New Combined Net
<br />Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1
<br />92,474
<br />40%
<br />56%
<br />42%
<br />32%
<br />24%
<br />92,474
<br />Current
<br />100%
<br />80%
<br />60%
<br />40%
<br />20%
<br />Assessed Value:
<br />AV & Tax
<br />Year 1
<br />Year 2
<br />Year 3
<br />Year 4
<br />Year 5
<br />Current Assessed Value
<br />100% 2,606,600
<br />2,606,600
<br />2,606,600
<br />2,606,600
<br />2,606,600
<br />2,606,600
<br />Base Assessed Value
<br />118,578
<br />800,000
<br />1,120,000
<br />840,000
<br />640,000
<br />480,000
<br />Less Abatement Deduction
<br />(800,000)
<br />(896,000)
<br />(504,000)
<br />(256,000)
<br />(96,000)
<br />Net Assessed Value
<br />2,606,600
<br />2,606,600
<br />2,830,600
<br />2,942,600
<br />2,990,600
<br />2,990,600
<br />Property Taxes:
<br />Assume constant tax rate of
<br />4.3015%
<br />4.3015%
<br />4.3015%
<br />4.3015%
<br />4.3015%
<br />4.3015%
<br />Gross Tax (tax rate x net assessed value)
<br />Less Circuit Breaker Credit
<br />Net Tax
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />Debt Service
<br />Circuit Braker Cap
<br />112,123 112,123 121,758 126,576 128,641 128,641
<br />(19,649) 0 (4,057) (8,261) (10,063) (10,063)
<br />92,474 112,123 117,701 118,315 118,578 118,578
<br />3.0000% 78,198 102,198 102,198 102,198 102,198 102,198
<br />0.5477% 14,276 14,276 15,503 16,117 16,380 16,380
<br />92,474 116,474 117,701 118,315 118,578 118,578
<br />New Combined Net
<br />Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1
<br />92,474
<br />28,382
<br />120,856
<br />8,733
<br />112,123
<br />2
<br />92,474
<br />30,134
<br />122,609
<br />4,907
<br />117,701
<br />3
<br />92,474
<br />28,601
<br />121,075
<br />2,760
<br />118,315
<br />4
<br />92,474
<br />27,505
<br />119,980
<br />1,402
<br />118,578.
<br />5
<br />92,474
<br />26,629
<br />119,103
<br />526
<br />118,578
<br />Totals
<br />462,372
<br />141,251
<br />603,623
<br />18,329
<br />585,294
<br />'This schedule is for estimation purposes only and assumes constant tax rates. The true tax values
<br />will ultimately be determined by the actual assessed valuation and the then current tax rates.
<br />
|