|
5 YEAR
<br />5-Oct-09
<br />PETER 8~ NANCY KILPATRICK
<br />South Bend Portage Township Residential Real Property Tax Abatement Schedule*
<br />Estimated Project Cost:
<br />Assessed Value:
<br />STRUCTURE (% AV of cost) 85.0%
<br />LAND Value 10,000
<br />Gross Assessed Value
<br />Less Mortgage Exemption
<br />Less Homestead Deduction
<br />Less Supplemental Homestead Deduction
<br />Base Assessed Value
<br />Total Taxes Tax Abated** Tax Paid***
<br />522,750.00 522,750.00 522,750.00
<br />10,000.00 N/A N/A
<br />532,750.00 522,750.00 522,750.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(45,000.00) (45,000.00) (45,000.00)
<br />(169,662.50) (169,662.50) (169,662.50)
<br />315,087.50 305,087.50 305,087.50
<br />Less Maximum Abatement Deduction
<br />Less Non-Abated Amount
<br />Plus Land Assessed Value
<br />Net Assessed Value
<br />Property Taxes:
<br />Assume constant tax rate of
<br />N/A N/A (74,880.00)
<br />N/A (230,207.50) N/A
<br />N/A N/A 10,000.00
<br />315,087.50 74,880.00 240,207.50
<br />4.3592% 4.3592% 4.3592%
<br />Gross Tax (tax rate x net assessed value) 13,735.29 3,264.17 10,471.13
<br />Less State & County Homestead Credit: 0.4625% (1,457.28) (346.32) (1,110.96)
<br />Tax Due Before Circuit Breaker 12,278.01 2,917.85 9,360.17
<br />Less Circuit Breaker Credit (5,085.51) (2,474.63) (2,610.88)
<br />Net Tax 7,192.50 443.21 6,749.29
<br />Circuit Breaker Cap
<br />Circuit Breaker 1.0000% 5,327.50 5,227.50 5,327.50
<br />Debt Service 0.5919% 1,865.00 443.21 1,421.79
<br />Circuit Braker Cap 7,192.50 5,670.71 6,749.29
<br /> Net Total
<br /> Assessed Taxes Tax Tax
<br />Year Value Due Abated Paid
<br />1 315,087.50 7,192.50 443.21 6,749.29
<br />2 315,087.50 7,192.50 443.21 6,749.29
<br />3 315,087.50 7,192.50 443.21 6,749.29
<br />4 315,087.50 7,192.50 443.21 6,749.29
<br />5 315,087.50 7,192.50 443.21 6,749.29
<br /> 5 year totals: 35,962.51 2,216.07 33,746.44
<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 />"`*Tax Abated is capped at $74,880 of assessed value of structures only and does not include land
<br />assessed value.
<br />***Tax Paid is calculated using the difference between actual assessed value of structure and
<br />maximum abated portion of $74,880 and adding back the land assessed value.
<br />
|