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5 YEAR
<br />30-Aug-10
<br />SNYDER CUSTOM HOMES. INCORPORATED
<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 />446,250.00 446,250.00 446,250.00
<br />10,000.00 N/A N/A
<br />456,250.00 446,250.00 446,250.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(45,000.00) (45,000.00) (45,000.00)
<br />(143,937.50) (143,937.50) (143,937.50)
<br />264,312.50 254,312.50 254,312.50
<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 />NIA N/A (74,880.00)
<br />N/A (179,432.50) N/A
<br />N/A N/A 10,000.00
<br />264,312.50 74,880.00 189,432.50
<br />4.4598% 4.4598% 4.4598%
<br />Gross Tax (tax rate x net assessed value) 11,787.81 3,339.50 8,448.31
<br />Less State & County Homestead Credit: 18.6246°i° (2,195.43) (621.97} (1,573.46)
<br />Tax Due Before Circuit Breaker 9,592.38 2,717.53 6,874.85
<br />Less Circuit Breaker Credit (3,693.25) (2,338.86) (1,354.39)
<br />Net Tax 5,899.13 378.67 5,520.46
<br />
<br />Circuit Breaker Cap
<br />Circuit Breaker 1.0000% 4,562.50 4,462.50 4,562.50
<br />Debt Service 0.5057% 1,336.63 378.67 957.96
<br />Circuit Braker Cap 5,899. `• 3 4,841.17 5,520.46
<br />
<br />
<br />Year Net
<br />Assessed
<br />Value Total
<br />Taxes
<br />Due
<br />Tax
<br />Abated
<br />Tax
<br />Paid
<br />1 264,312.50 5,899.13 378.67 5,520.46
<br />2 264,312.50 5,899.13 378.67 5,520.46
<br />3 264,312.50 5,899.13 378.67 5,520.46
<br />4 264,312.50 5,899.13 378.67 5,520.46
<br />5 264,312.50 5,899.13 378.67 5,520.46
<br /> 5 year totals: 29,495.64 1,893.34 27,602.30
<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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