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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 />~~18-507-299104
<br />2,606;600
<br />2,000,000
<br />5-Aug-08
<br /> 40% 56% 42% 32% 24%
<br /> Current 100% 80% 60% 40% 20%
<br />Assessed Value: AV & Tax Year 1 Year 2 Year 3 Year 4 Year 5
<br />Current Assessed Value 100% 2,606,600 2,606,600 2,606,600 2,606,600 2,606,600 2,606,600
<br />Base Assessed Value 800,000 1,120,000 840,000 640,000 480,000
<br />Less Abatement Deduction (800,000) (896,000) (504,000) (256,000) (96,000)
<br />Net Assessed Value 2,606,600 2,606,600 2,830,600 2,942,600 2,990,600 2,990,600
<br />Prooerty Taxes:
<br />Assume constant tax rate of 4.3015% 4.3015% 4.3015% 4.3015% 4.3015% 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
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<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 92,474 28,382 120,856 8,733 112,123
<br />2 92,474 30,134 122,609 4,907 117,701
<br />3 92,474 28,601 121,075 2,760 118,315
<br />4 92,474 27,505 119,980 1,402 118,578.
<br />5 92,474 26,629 119,103 526 118,578
<br />Totals 462,372 141,251 603,623 18,329 585,294
<br />schedule is for estim ion purposes only and assumes constant tax rates. The true tax values
<br />rtttnla'[a?T2TR1 d by the actual assessed valuation and the then current tax rates.
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