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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: $400,000 <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 $160,000 $160,000 $8,244 $581 7,663 100% $7,663 <br />2 0.56 $224,000 $224,000 $11,541 $813 10,728 80% $8,583 <br />3 0.42 $168,000 $168,000 $8,656 $610 8,046 60% $4,828 <br />4 0.32 $128,000 $128,000 $6,595 $465 6,130 40% $2,452 <br />5 0.24 $96,000 $96,000 $4,946 $348 4,598 20% $920 <br /> $39,982 $2,816 37,166 $24,445 <br />Total Taxes Due During Abatement: <br />Total Taxes Abated During Abatement: <br />Total Taxes Paid During Abatement: <br />$37,166 <br />$24,445 <br />$12,721 <br />16-J u1-07 <br />Tax <br />Paid <br />$0 <br />$2,146 <br />$3,219 <br />$3,678 <br />$3,678 <br />$12,721 <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 />