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Tax Abatement Schedule prepared for: <br />.STEEL WAREHOUSE (Riverside Drive) <br />Soufh Bend Portage 5 Year Personal Property Abatement Schedule* <br />Total estimated Equipment Cost: $1,500,000 <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 $600,000 $600,000 $30,914 $2,177 28,737 100% $28,737 <br />2 0.56 $840,000 $840,000 $43,280 $3,048 40,232 80% $32,185 <br />3 0.42 $630,000 $630,000 $32,460 $2,286 30,174 60% $18,104 <br />4 0.32 $480,000 $480,000 $24,732 $1,742 22,990 40% $9,196 <br />5 0.24 $360,000 $360,000 $18,549 $1,306 17,243 20% $3,449 <br /> $149,935 $10,560 139,375 $91,671 <br />Total Taxes Due During Abatement: <br />Total Taxes Abated During Abatement: <br />Total Taxes Paid During Abatement: <br />$139,375 <br />$91,671 <br />$47,704 <br />16-Jul-07 <br />Tax <br />Paid <br />$0 <br />$8,046 <br />$12,069 <br />$13,794 <br />$13,794 <br />$47,704 <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. <br />