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Tax Abatement Schedule prepared for:
<br />STEEL WAREHOUSE (Tucker Drive)
<br />South Bend Portage 5 Year Personal Property Abatement Schedule*
<br />Total estimated Equipment Cost: $5,000,000
<br />Assume constant tax rate of: 5.1524
<br />Assume constant SRTC rate of: 7.0433
<br /> TTV Assessed Gross Less Net Percent Tax
<br />Year TTV% (Year 1-5) Value Tax SRTC Tax Abated Abated
<br />1 0.40 $2,000,000 $2,000,000 $103,048 $7,258 95,790 100% $95,790
<br />2 0.56 $2,800,000 $2,800,000 $144,267 $10,161 134,106 80% $107,285
<br />3 0.42 $2,100,000 $2,100,000 $108,200 $7,621 100,579 60% $60,347
<br />4 0.32 $1,600,000 $1,600,000 $82,438 $5,806 76,632 40% $30,653
<br />5 0.24 $1,200,000 $1,200,000 $61,829 $4,355 57,474 20% $11,495
<br /> $499,782 $35,201 464,581 $305,570
<br />Total Taxes Due During Abatement:
<br />Total Taxes Abated During Abatement:
<br />Total Taxes Paid During Abatement:
<br />$464,581
<br />$305,570
<br />$159,011
<br />16-Jul-07
<br />Tax
<br />Paid
<br />$0
<br />$26,821
<br />$40,232
<br />$45,979
<br />$45,979
<br />$159,011
<br />-This schedule is for estimation purposes only and assumes constant tax rates.
<br />The true tax values will ulimately be determined by the actual
<br />assessed valuation and the then current tax rates.
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