|
5 YEAR
<br />Royal Holdings, Inc.
<br />South Bend Portage Township
<br />Personal Property Tax Abatement Schedu/e*
<br />Tax Key Number
<br />Current Assessed Value:
<br />Estimated Project Cost:
<br />18-2003-0032
<br />2,304,290
<br />3,168,075
<br />25-Feb-09
<br /> 40% 60% 55% 45% 37%
<br /> Current 100% 80% 60% 40% 20%
<br />Assessed Value: AV & Tax Year 1 Year 2 Year 3 Year 4 Year 5
<br />Current Assessed Value 100% 2,304,290 2,304,290 2,304,290 2,304,290 2,304,290 2,304,290
<br />Base Assessed Value 1,267,230 1,900,845 1,742,441 1,425,634 1,172,188
<br />Less Abatement Deduction (1,267,230) (1,520,676) (1,045,465) (570,254) (234,438)
<br />Net Assessed Value 2,304,290 2,304,290 2,684,459 3,001,267 3,159,670 3,242,040
<br />Property Taxes:
<br />Assume constant tax rate of 4.3015% 4.3015% 4.3015% 4.3015% 4.3015% 4.3015%
<br />Gross Tax (tax rate x net assessed value)
<br />Less Circuit Breaker Credit
<br />Net Tax
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />Debt Service
<br />Circuit Braker Cap
<br />99,119 99,119 115,472 129,099 135,913 139,456
<br />(17,370) 0 0 (5,516) (11,462) (14,554)
<br />81,749 99,119 115,472 123,584 124,451 124,902
<br />3.0000% 69,129 107,146 107,146 107,146 107,146 107,146
<br />0.5477% 12,621 12,621 14,703 16,438 17,306 17,757
<br />81,749 119,766 121,848 123,584 124,451 124,902
<br /> New Combined Net
<br /> Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1 81,749 44,958 126,707 27,588 99,119
<br />2 81,749 48,428 130,177 14,705 115,472
<br />3 81,749 47,560 129,310 5,726 123,584
<br />4 81,749 45,825 127,574 3,123. 124,451
<br />5 81,749 44,437 126,186 1,284 124,902
<br />Totals 408,746 231,208 639,954 52,426 587,528
<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 />
|