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10-Year Abatement June 16,2025
<br /> KCG Companies, LLC
<br /> South Bend Portage Township
<br /> Residential Real Property Tax Abatement Schedule*
<br /> Type of Dwelling: Multi-Family Residence -50 units-
<br /> Estimated Project Cost: $14,000,000 New Construction
<br /> Property Address: 2020 S.Main Street
<br /> Tax Key Number: 71-08-13-355-002.000-026;71-08-13-355-003.000-026;71-08-13-355-004.000-026
<br /> True Tax Value Method: Income Income Income Income Income Income Income Income Income Income
<br /> Capitalization Capitalization Capitalization Capitalization Capitalization Capitalization Capitalization Capitalization Capitalization Capitalization
<br /> Assessed(AV)and Current Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
<br /> True Tax Value(TTV)
<br /> Land(AV) $ 8,000 $ 8,000 $ 8,000 $ 8,000 $ 8,000 $ 8,000 $ 8,000 $ 8,000 $ 8,000 $ 8,000 $ 8,000
<br /> Structure(StructureTTV) - 1,733,333 1,768,000 1,803,360 1,839,427 1,876,216 1,913,740 1,952,015 1,991,055 2,030,876 2,071,494
<br /> Gross TTV 8,000 1,741,333 1,776,000 1,811,360 1,847,427 1,884,216 1,921,740 1,960,015 1,999,055 2,038,876 2,079,494
<br /> Abatement 100% 100% 95% 95% 90% 90% 80% 80% 70% 70%
<br /> Abatement Deduction (1,733,333) (1,768,000) (1,713,192) (1,747,456) (1,688,594) (1,722,366) (1,561,612) (1,592,844) (1,421,613) (1,450,046)
<br /> Net TTV 8,000 8,000 8,000 98,168 99,971 195,622 199,374 398,403 406,211 617,263 629,448
<br /> Property Taxes
<br /> Assume constant tax rate of 5.0426%
<br /> Gross Tax(Tax Rate x Net TTV) 403 403 403 4,950 5,041 9,864 10,054 20,090 20,484 31,126 31,741
<br /> Local Tax Credit(10.1130%of GT-DS) (38) (38) (38) (465) (474) (927) (945) (1,888) (1,925) (2,925) (2,982)
<br /> Circuit Breaker Credit (97) - - - - - - - - - -
<br /> Taxes Due $ 269 S 366 $ 366 $ 4,485 $ 4,567 $ 8,938 $ 9,109 $ 18,202 $ 18,559 $ 28,201 $ 28,758
<br /> 3% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%
<br /> Circuit Breaker Cap 240 34,827 35,520 36,227 36,949 37,684 38,435 39,200 39,981 40,778 41,590
<br /> Debt Service(0.3575%of Net TTV) 29 29 29 351 357 699 713 1,424 1,452 2,207 2,250
<br /> Max Tax Under the Cap 269 34,855 35,549 36,578 37,306 38,384 39,148 40,625 41,433 42,984 43,840
<br /> Year Abatement Total Tax Net Taxes
<br /> Taxes Abated
<br /> Liability Paid
<br /> 1 100% $ 41,052 $ (40,686) $ 366
<br /> 2 100% 41,869 (41,504) 366
<br /> 3 95% 42,703 (38,218) 4,485
<br /> 4 95% 43,553 (38,986) 4,567
<br /> 5 90% 44,420 (35,483) 8,938
<br /> 6 90% 45,305 (36,196)_ 9,109
<br /> 7 80% 46,207 (28,005) 18,202
<br /> 8 80% 47,128 (28,569) 18,559
<br /> 9 70% 48,067 (19,865) 28,201
<br /> 10 70% 49,024 (20,266) 28,758
<br /> Total: 449,328 (327,777) 121,551
<br /> 'This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2024 Payable 2025. "�i-� Department of 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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