|
5 YEAR
<br /> 4-Dec-15
<br /> Mossberq & Company, Inc.
<br /> South Bend Portage Township
<br /> Personal Property Tax Abatement Schedule*
<br /> Tax Key Number 71-018-06830-00
<br /> Current Assessed Value: 0
<br /> Estimated Project Cost: 490,000
<br /> 40% 60% 55% 45% 37%
<br /> 100% 80% 60% 40% 20%
<br /> Year1 Igalg Year3 Year4 Year
<br /> Current
<br /> Assessed Value: AV&Tax Pay 2013 Pay 2014 Pay 2015 Pay 2016 Pay 2017
<br /> Current Assessed Value 100% 0 0 0 0 0 0
<br /> Base Assessed Value 196,000 294,000 269,500 220,500 181,300
<br /> Less Abatement Deduction (196,000) (235,200) (161,700) (88,200) (36,260)
<br /> Net Assessed Value 0 0 58,800 107,800 132,300 145,040
<br /> Property Taxes:
<br /> Assume constant tax rate of 5.4968% 5.4968% 5.4968% 5.4968% 5.4968% 5.4968%
<br /> Gross Tax(tax rate x net assessed value) 0 0 3,232 5,926 7,272 - 7,973
<br /> Less Circuit Breaker Credit 0 0 0 0 (1,635)
<br /> Net Tax 0
<br /> 0 9 3,232 5,926 7,272 6,338
<br /> Circuit Breaker Cap
<br /> Circuit Breaker 3.0000% 0 5,880 8,820 8,085
<br /> Debt Service 0.6197% 0 0 364 668 6,615
<br /> 820 5899
<br /> Circuit Braker Cap 0
<br /> ___ 5,880 9 184 8 753 7,435 6,338
<br /> New Combined Net
<br /> Existing Project Existing&New Tax Tax
<br /> Year Taxes Taxes Taxes Abated Paid
<br /> •
<br /> Pay 2013 0 7,095 7,095 7,095 0
<br /> Pay 2014 0 10,642 10,642 7,410 3,232
<br /> Pay 2015 0 9,755 9,755 3,830 5,926
<br /> Pay2016 0 7,981 7,981 709 7,272
<br /> Pay 2017 0 6,563 6,563 225 6,338
<br /> Totals 0 42,036 42,036 19,268 22,768
<br /> This schedule is for estimation purposes only and assumes constant tax rates. The true tax values
<br /> will ultimately be determined by the actual assessed valuation and the then current tax rates.
<br /> •
<br />
|