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10-Year Abatement February 17,2025
<br /> Penny Hill Homes LLC
<br /> South Bend Portage Township
<br /> Commerical Development Real Property Tax Abatement Schedule
<br /> Type of Property: Mixed Use
<br /> Estimated Project Cost: $ 1,400,000 Rehabilitation
<br /> Property Address: 435 S.Michigan Street
<br /> Tax Key Number: 71-08-12-303-020.000-026
<br /> Without
<br /> Current Abatement Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
<br /> Assessed Value(AV)
<br /> Land $ 17,500 $ 17,500 $ 17,500 $ 17,500 $ 17,500 $ 17,500 $ 17,500 $ 17,500 $ 17,500 $ 17,500 $ 17,500 $ 17,500
<br /> Structure(AV=60%Project Cost) 182,374 1,022,374 1,022,374 1,022,374 1,022,374 1,022,374 1,022,374 1,022,374 1,022,374 1,022,374 1,022,374 1,022,374
<br /> Gross Assessed Value 199,874 1,039,874 1,039,874 1,039,874 1,039,874 1,039,874 1,039,874 1,039,874 1,039,874 1,039,874 1,039,874 1,039,874
<br /> Abatement 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
<br /> Abatement Deduction - (840,000) (840,000) (840,000) (840,000) (840,000) (840,000) (840,000) (840,000) (840,000) (840,000)
<br /> Net Assessed Value 199,874 1,039,874 199,874 199,874 199,874 199,874 199,874 199,874 199,874 199,874 199,874 199,874
<br /> Property Taxes
<br /> Assume constant tax rate of 5.3548%
<br /> Gross Tax(Tax Rate x Net AV) 10,703 55,683 10,703 10,703 10,703 10,703 10,703 10,703 10,703 10,703 10,703 10,703
<br /> Local Tax Credit(12.3682%of GT-DS) (1,229) (6,393) (1,229) (1,229) (1,229) (1,229) (1,229) (1,229) (1,229) (1,229) (1,229) (1,229)
<br /> Circuit Breaker Credit (2,710) (14,101) - - - - - - - - - -
<br /> Taxes Due $ 6,764 $ 35,189 $ 9,474 $ 9,474 $ 9,474 $ 9,474 $ 9,474 $ 9,474 $ 9,474 $ 9,474 $ 9,474 $ 9,474
<br /> 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
<br /> Circuit Breaker Cap 5,996 31,196 31.196 31,196 31,196 31,196 31,196 31,196 31,196 31,196 31,196 31,196
<br /> Debt Service(0.3840%of Net AV) 768 3,993 768 768 768 768 768 768 768 768 768 768
<br /> Max Tax Under the Cap 6,764 35,189 31.964 31,964 31,964 31,964 31,964 31,964 31,964 31,964 31,964 31,964
<br /> Combined
<br /> Current Taxes New Net Taxes
<br /> Year • Abatement Due Projected Tax Current& Taxes Abated Paid
<br /> New Taxes
<br /> 1 100% $ 6,764 $ 28,426 $ 35,189 $ (25,715) $ 9,474
<br /> 2 100% 6,764 28,426 35,189 (25,715) 9,474
<br /> 3 100% 6,764 28,426 35,189 (25,715) 9,474
<br /> 4 100% 6,764 28,426 35,189 (25,715) 9,474
<br /> 5 100% 6,764 28,426 35,189 (25,715) 9,474
<br /> 6 100% 6,764 28,426 35,189 (25,715) 9,474
<br /> 7 100% 6,764 28,426 35,189 (25,715) 9,474
<br /> 8 100% 6,764 28,426 35,189 (25,715) 9,474
<br /> 9 100% 6,764 28,426 35,189 (25,715) 9,474
<br /> 10 100% 6,764 28,426 35,189 (25,715) 9,474
<br /> Total: 67,637 284,256 351,893 (257,153) 94,740
<br /> •This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2023 Payable 2024. .. Department al Community Investment
<br /> The true tax values will ultimately be determined by the actual assessed valuation and the then current tax rates. City of South Bend
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