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2-Year Abatement February 17,2025 <br /> Penny Hill Homes LLC <br /> South Bend Portage Township <br /> Vacant Building Tax Abatement Schedule * <br /> Property Address: 435 S. Michigan Street <br /> Tax Key Number: 71-08-12-303-020.000-026 <br /> Current Year 1 Year 2 <br /> Assessed Value(AV) <br /> Land $ 17,500 $ 17,500 $ 17,500 <br /> Structure 182,374 182,374 182,374 <br /> Gross Assessed Value 199,874 199,874 199,874 <br /> Abatement(100%of Structure) 100% 100% <br /> Abatement Deduction (182,374) (182,374) <br /> Net Assessed Value 199,874 17,500 17,500 <br /> Property Taxes <br /> Assume constant tax rate of 5.3548% <br /> Gross Tax(Tax Rate x Net AV) 10,703 937 937 <br /> Local Tax Credit(12.3682%of GT-DS (1,229) (108) (108) <br /> Circuit Breaker Credit (2,710) - - <br /> Taxes Due $ 6,764 $ 830 $ 830 <br /> 3% 3% 3% <br /> Circuit Breaker Cap 5,996 5,996 5,996 <br /> Debt Service(0.3840%of Net AV) 768 67 67 <br /> Max Tax Under the Cap 6,764 6,063 6,063 <br /> Year Abatement Taxes Due Taxes Abated Net Taxes <br /> Paid <br /> 1 100% $ 6,764 $ (5,934) $ 830 <br /> 2 100% 6,764 (5,934) 830 <br /> Total: 13,527 (11,868) 1,659 <br /> *This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2023 Payable 2024. <br /> The true tax values will ultimately be determined by the actual assessed valuation and the then current tax rates. <br /> Department of Community Investment <br /> ki • City of South Bend <br />