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5 YEAR 11-Sep-07 <br />HABITAT FOR HUMANITY <br />South Bend Portage Township Residential Real Property Tax Abatement Schedule* <br />Estimated Project Cost: <br />$65,000.00 <br />Total Taxes Tax Abated*" Tax Paid'`'`" <br />Assessed Value: <br />STRUCTURE (assume 85% of project cost) 55,250.00 55,250.00 55,250.00 <br />LAND (assume $10,000) 10,000.00 N/A N/A <br />Gross Assessed Value 65,250.00 55,250.00 55,250.00 <br />Less Mortgage Exemption (3,000.00) (3,000.00) (3,000.00) <br />Less Standard Homeowners Deduction (31,125.00) (31,125.00) (31,125.00) <br />Base Assessed Value 31,125.00 21,125.00 21,125.00 <br />Less Maximum Abatement Deduction N/A N/A (21,125.00) <br />Less Non-Abated Amount N/A 0.00 N/A <br />Plus Land Assessed Value N/A N/A 10,000.00 <br />Net Assessed Value 31,125.00 21,125.00 10,000.00 <br />Propertv Taxes: <br />Assume constant tax rate of <br />5.1524% 5.1524% 5.1524% <br />Gross Tax (tax rate x net assessed value) 1,603.68 1,088.44 515.24 <br />Less SRTC: 21.6906% (347:85) (236.09) (111.76) <br />Less Homestead Credit: 32.0670% (402.71) (273.32) (129.38) <br />Net Tax 853.13 579.03 274.10 <br />Net Total <br /> <br />Year Assessed <br />Value Taxes <br />Due Tax <br />Abated Tax <br />Paid <br />1 31,125.00 853.13 579.03 274.10 <br />2 31,125.00 853.13 579.03 274.10 <br />3 31,125.00 853.13 579.03 274.10 <br />4 31,125.00 853.13 579.03 274.10 <br />5 31,125.00 853.13 579.03 274.10 <br /> 5yeartotals: 4,265.63 2,895.17 1,370.51 <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 />