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Tax Abatement Schedule prepared for: 26-Jan-o7
<br />PRAIRIE APARTMENTS
<br />South Bend Portage Township 10 Year Real Property Abatement Schedule*
<br /> Total estimated Project Cost: $11,272,461
<br /> Base Assessed Value: $9,581,592
<br />(base assessed value is estimated at 85% of project cost)
<br /> Assume constant tax rate of: 5.1524%
<br /> Assume constant SRTC of: 21.6906%
<br /> Assessed Gross Less Net Percent Tax Tax
<br />Year Value Tax SRTC Tax Abated Abated Paid
<br />1 $9,581,592 $493,682 $107,083 $386,599 100% $386,599 $0
<br />2 9,581,592 493,682 107,083 386,599 95% 367,269 19,330
<br />3 9,581,592 493,682 107,083 386,599 80% 309,279 77,320
<br />4 9,581,592 493,682 107,083 386,599 65% 251,289 135,310
<br />5 9,581,592 493,682 107,083 386,599 50% 193,300 193,299
<br />6 9,581,592 493,682 107,083 386,599 40% 154,640 231,959
<br />7 9,581,592 493,682 107,083 386,599 30% 115,980 270,619
<br />8 9,581,592 493,682 107,083 386,599 20% 77,320 309,279
<br />9 9,581,592 493,682 107,083 386,599 10% 38,660 347,939
<br />10 9,581,592 493,682 107,083 386,599 5% 19,330 367,269
<br /> $3,865,990 $1,913,666 $1,952,324
<br /> Total Taxes Due During Abatement: $3,865,990
<br /> Total Taxes Abated During Abatement: 1,913,666
<br /> Total Taxes Paid During Abatement: 1,952,324
<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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