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5 YEAR
<br />23- Jul -10
<br />PATRICK PERRELLA
<br />South Bend Portage Township Residential Real Property Tax Abatement Schedule*
<br />Estimated Project Cost:
<br />Assessed Value:
<br />STRUCTURE (% AV of cost) ��§$a 0°iaz
<br />LAND ValueDQU
<br />Gross Assessed Value
<br />Less Mortgage Exemption
<br />Less Homestead Deduction
<br />Less Supplemental Homestead Deduction
<br />Base Assessed Value
<br />a eea as
<br />Total Taxes Tax Abated ** Tax Paid * **
<br />535,500.00
<br />535,500.00
<br />535,500.00
<br />10,000.00
<br />NIA
<br />NIA
<br />545,500.00
<br />535,500.00
<br />535,500.00
<br />(3,000.00)
<br />(3,000.00)
<br />(3,000.00)
<br />(45,000.00)
<br />(45,000.00)
<br />(45,000.00)
<br />(175,175.00)
<br />(175,175.00)
<br />(175,175.00)
<br />322,325.00
<br />312,325.00
<br />312,325.00
<br />Less Maximum Abatement Deduction
<br />NIA
<br />NIA
<br />(74,880.00)
<br />Less Non - Abated Amount
<br />NIA
<br />(237,445.00)
<br />NIA
<br />Plus Land Assessed Value
<br />NIA
<br />NIA
<br />10,000.00
<br />Net Assessed Value
<br />322,325.00
<br />74,880.00
<br />247,445.00
<br />Property Taxes:
<br />7,085.00
<br />378.67
<br />6,706.33
<br />Assume constant tax rate of
<br />4.4598%
<br />4.4598%
<br />4.4598%
<br />Gross Tax (tax rate x net assessed value)
<br />14,375.05
<br />3,339.50
<br />11,035.55
<br />Less State & County Homestead Credit: 18.6246%
<br />(2,677.30)
<br />(621.97)
<br />(2,055.33)
<br />Tax Due Before Circuit Breaker
<br />11.,697.75
<br />2,717.53
<br />8,980.22
<br />Less Circuit Breaker Credit
<br />(4,612.76)
<br />(2,338.86)
<br />X2,273.90)
<br />Net Tax
<br />7,085.00
<br />378.67
<br />6,706.33
<br />Circuit Breaker Cap
<br />Circuit Breaker 1.0000%
<br />5,455.00
<br />5,355.00
<br />5,455.00
<br />Debt Service 0.5057%
<br />1,630.00
<br />378.67
<br />1,251.33
<br />Circuit Braker Cap
<br />7,085.00
<br />5,733.67
<br />6,706.33
<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 />Net
<br />Total
<br />Assessed
<br />Taxes
<br />Tax
<br />Tax
<br />Year
<br />Value
<br />Due
<br />Abated
<br />Paid
<br />1
<br />322,325.00
<br />7,085.00
<br />378.67
<br />6,706.33
<br />2
<br />322,325.00
<br />7,085.00
<br />378.67
<br />6,706.33
<br />3
<br />322,325.00
<br />7,085.00
<br />378.67
<br />6,706.33
<br />4
<br />322,325.00
<br />7,085.00
<br />378.67
<br />6,706.33
<br />5
<br />322,325.00
<br />7,085.00
<br />378.67
<br />6,706.33
<br />6 year totals:
<br />35,424.99
<br />1,893.34
<br />33,531.65
<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.
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