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Tax Abatement Schedule prepared for:
<br />STEEL WAREHOUSE (Riverside Drive)
<br />South Bend Portage 5 Year Personal Property Abatement Schedule*
<br />Total estimated Equipment Cost: $3,500,000
<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 $1,400,000 $1,400,000 $72,134 $5,081 67,053 100% $67,053
<br />2 0.56 $1,960,000 $1,960,000 $100,987 $7,113 93,874 80% $75,099
<br />3 0.42 $1,470,000 $1,470,000 $75,740 $5,335 70,405 60% $42,243
<br />4 0.32 $1,120,000 $1,120,000 $57,707 $4,064 53,643 40% $21,457
<br />5 0.24 $840,000 $840,000 $43,280 $3,048 40,232 20% $8,046
<br /> $349,848 $24,641 325,207 $213,899
<br />Total Taxes Due During Abatement:
<br />Total Taxes Abated During Abatement:
<br />Total Taxes Paid During Abatement:
<br />$325,207
<br />$213,899
<br />$111,308
<br />16-Jul-07
<br />Tax
<br />Paid
<br />$0
<br />$18,775
<br />$28,162
<br />$32,186
<br />$32,185
<br />$111,308
<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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