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Tax Abatement Schedule prepared for: 2s-Jun-o7
<br />Nelson Dee, LLC
<br />South Bend Portage Township 10 Year Real Property Abatement Schedule*
<br /> Total estimated Project Cost:. $2,500,000
<br /> Base Assessed Value: $2,125,000
<br />(bas e 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 $2,125,000 $109,489 $23,749 $85,740 100% $85,740 $0
<br />2 2,125,000 109,489 23,749 85,740 95% 81,453 4,287
<br />3 2,125,000 109,489 23,749 85,740 80% 68,592 17,148
<br />4 2,125,000 109,489 23,749 85,740 65% 55,731 30,009
<br />5 2,125,000 109,489 23,749 85,740 50% 42,870 42,870
<br />6 2,125,000 109,489 23,749 85,740 40% 34,296 51,444
<br />7 2,125,000 ,109,489 23,749 85,740 30% 25,722 60,018
<br />8 2,125,000 109,489 23,749 85,740 20% 17,148 68,592
<br />9 2,125,000 109,489 23,749 85,740 10% 8,574 77,166
<br />10 2,125,000 109,489 23,749 85,740 5% 4,287 81,453
<br /> $857,400 $424,413 $432,987
<br /> Total Taxes Due During Abatement: $857,400
<br /> Total Taxes Abated During Abatement: 424,413
<br /> Total Taxes Paid During Abatement: 432,987
<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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