2024 - Annual Tax Abatement Report

Home Browse Search

%) CITY OF SOUTH BEND COMMUNITY INVESTMENT �� r 1865 TO: South Bend Common Council Filed in Clerk's Office FROM: Erik Glavich, Director, Growth and Opportunity Jun 13, 2025 SUBJECT: 2024 Annual Tax Abatement Report Bianca Tirado DATE: June 13, 2025 City Clerk. South Bend, IN It is our pleasure to present the Annual Tax Abatement Report from the Department of Community Investment. The report provides information on tax abatements confirmed by the Common Council and active as of December 31, 2024. The active number of abatements, including projects that have not started, are provided below by type of abatement: • Real Property: 74 active tax abatements (up from 63 as of December 31, 2023) • Vacant Building: 8 active tax abatements (up from 5) • Personal Property: 22 active tax abatements (up from 21) For real properties where actual costs were reported on Form CF-1, the total assessed value before a tax abatement was granted was about$32.3 million total As of January 1, 2025, the combined assessed value for these properties is now $258.0 million, an increase of$225.7 million. The assessed values for these properties have increased by $44.3 million since January 2024 and more than $73.2 million since January 2023.1 Among abatement recipients that reported costs, actual real property investments were $344.8 million, falling short of the $368.1 million in committed investments. However, these values include a current large mixed-use development that is ongoing and for which full costs have not yet been incurred. Investments in personal property ($41.5 million) exceeded the estimates provided by petitioners at the time the abatements were passed ($41.1 million). The report includes the following data fields for each abatement: • Announced Retained Jobs and Announced New Jobs: These values are the "retained" and "newly created"job estimates entered on Form SB-1 (Statement of Benefits) when the abatement recipient filed the petition for tax abatement. • Actual Retained Jobs and Actual New Jobs: These values are the actual job numbers reported by the abatement recipient on Form CF-1, which is filed with the City annually. 1 To help understand how trending, inflationary, or other adjustments have impacted assessed values, there are 14 real property abatement projects that have not yet started. For these properties, the assessed values have increased 26.7% since the January 2023 assessment. EXCELLENCE ;ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT 14005 County-City Building 227 W.Jefferson Blvd. South Bend,Indiana 46601 p 574.235.9371 www.southbendin.gov