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Tax Abatement Schedule prepared for:
<br />Mike Morris
<br />South Bend German Township 8 Year Real Property Abatement Schedule*
<br />17- Dec -05
<br />Total estimated Project Cost:
<br />$1,000,000
<br />Base Assessed Value:
<br />$850,000
<br />(base assessed value is estimated at 85% of project cost)
<br />Assume constant tax rate of:
<br />4.8740%
<br />Assume constant SRTC of:
<br />21.6527%
<br />Assessed Gross Less
<br />Net
<br />Percent
<br />Tax
<br />Tax
<br />Year Value Tax SRTC
<br />Tax
<br />Abated
<br />Abated
<br />Paid
<br />1 $850,000 $41,429 $8,970
<br />$32,459
<br />100%
<br />$32,459
<br />$0
<br />2 850,000 41,429 8,970
<br />32,459
<br />88%
<br />28,564
<br />3,895
<br />3 850,000 41,429 8,970
<br />32,459
<br />75%
<br />24,344
<br />8,115
<br />4 850,000 41,429 8,970
<br />32,459
<br />63%
<br />20,449
<br />12,010
<br />5 850,000 41,429 8,970
<br />32,459
<br />50%
<br />16,230
<br />16,229
<br />6 850,000 41,429 8,970
<br />32,459
<br />38%
<br />12,334
<br />20,125
<br />7 850,000 41,429 8,970
<br />32,459
<br />25%
<br />8,115
<br />24,344
<br />8 850,000 41,429 8,970
<br />32,459
<br />13%
<br />4,220
<br />28,239
<br />$259,672
<br />$146,715
<br />$112,957
<br />Total Taxes Due During Abatement:
<br />$259,672
<br />Total Taxes Abated During Abatement:
<br />146,715
<br />Total Taxes Paid During Abatement:
<br />112,957
<br />- This schedule is for estimation purposes only and assumes constant tax rates.
<br />The true tax values will ultimately be determined by the actual
<br />assessed valuation and the then current tax rates.
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