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Tax Abatement Schedule prepared for:
<br />STEEL WAREHOUSE (Walnut Street)
<br />South Bend Portage 5 Year Personal Property Abatement Schedule*
<br />Total estimated Equipment Cost: $2,500,000
<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 $1,000,000 $1,000,000 $51,524 $3,629 47,895 100% $47,895
<br />2 0.56 $1,400,000 $1,400,000 $72,134 $5,081 67,053 80% $53,643
<br />3 0.42 $1,050,000 $1,050,000 $54,100 $3,810 50,290 ~ 60% $30,174
<br />4 0.32 $800,000 $800,000 $41,219 $2,903 38,316 40% $15,326
<br />5 0.24 $600,000 $600,000 $30,914 $2,177 28,737 20% $5,747
<br /> $249,891 $17,601 232,290 $152,785
<br />Total Taxes Due During Abatement:
<br />Total Taxes Abated During Abatement:
<br />Total Taxes Paid During Abatement:
<br />$232,290
<br />$152,785
<br />$79,505
<br />16-Jul-07
<br />Tax
<br />Paid
<br />$0
<br />$13,411
<br />$20,116
<br />$22,989
<br />$22,989
<br />$79,505
<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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