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9-Year Abatement April 22,2025
<br /> Allen Edwin Residential Builders, LLC
<br /> South Bend Portage Township
<br /> Residential Real Property Tax Abatement Schedule'
<br /> Type of Dwelling: Multi-Family Residence -16 units-
<br /> Estimated Project Cost: $ 2,496,534 New Construction
<br /> Property Address: 603-621 W.Marion Street;515-517 Leland Avenue
<br /> Tax Key Number: Multiple Properties
<br /> Without
<br /> Current Abatement Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9
<br /> Assessed Value(AV)
<br /> Land $ 24,300 $ 24,300 $ 24,300 $ 24,300 $ 24,300 $ 24,300 $ 24,300 $ 24,300 $ 24,300 $ 24,300 $ 24,300
<br /> Structure(AV=60%Project Cost) - 1,497,920 1,497,920 1,497,920 1,497,920 1,497,920 1,497,920 1,497,920 1,497,920 1,497,920 1,497,920
<br /> Gross Assessed Value 24,300 1,522,220 1,522,220 1,522,220 1,522,220 1,522,220 1,522,220 1,522,220 1,522,220 1,522,220 1,522,220
<br /> Abatement 100% 95% 90% 85% 80% 75% 70% 65% 60%
<br /> Abatement Deduction - (1,497,920) (1,423,024) (1,348,128) (1,273,232) (1,198,336) (1,123,440) (1,048,544) (973,648) (898,752)
<br /> Net Assessed Value 24,300 1,522,220 24,300 99,196 174,092 248,988 323,884 398,780 473,676 548,572 623,468
<br /> Property Taxes
<br /> Assume constant tax rate of 5.0426%
<br /> Gross Tax(Tax Rate x Net AV) 1,225 76,759 1,225 5,002 8,779 12,555 16,332 20,109 23,886 27,662 31,439
<br /> Local Tax Credit(10.1130%of GT-DS) (115) (7,212) (115) (470) (825) (1,180) (1,535) (1,889) (2,244) (2,599) (2,954)
<br /> Circuit Breaker Credit (294) (33,661) - - - - - - - - -
<br /> Taxes Due $ 816 $ 35,886 $ 1,110 $ 4,532 $ 7,954 $ 11,376 $ 14,798 $ 18,219 $ 21,641 $ 25,063 $ 28,485
<br /> 3% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%
<br /> Circuit Breaker Cap 729 30,444 30,444 30,444 30,444 30,444 30,444 30,444 30,444 30,444 30,444
<br /> Debt Service(0.3575%of Net AV) 87 5,442 87 355 622 890 1,158 1,426 1,693 1,961 2,229
<br /> Max Tax Under the Cap 816 35,886 30,531 30,799 31,067 31,335 31,602 31,870 32,138 32,406 32,673
<br /> Existing New Net Taxes
<br /> Year Abatement Taxes Projected Total Taxes Taxes Abated Paid
<br /> Taxes
<br /> 1 100% $ 816 $ 35,070 $ 35,886 $ (34,776) $ 1,110
<br /> 2 95% 816 35,070 35,886 (31,354) 4,532
<br /> 3 90% 816 35,070 35,886 (27,932) 7,954
<br /> 4 85% 816 35,070 35,886 (24,511) 11,376
<br /> 5 80% 816 35,070 35,886 (21,089) 14,798
<br /> 6 75% 816 35,070 35,886 (17,667) 18,219
<br /> 7 70% 816 35,070 35,886 (14,245) 21,641
<br /> 8 65% 816 35,070 35,886 (10,823) 25,063
<br /> 9 60% 816 35,070 35,886 (7,401) 28,485
<br /> Total: 7,343 315,634 322,977 (189,799) 133,178
<br /> 'This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2024 Payable 2025. c�.e , Department of Community Investment
<br /> The true tax values will ultimately be determined by the actual assessed valuation and the then-current tax rates. a • ' city of South Bend
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