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S YEAR
<br />3D-Aug-7D
<br />SNYDER CUST4N! !-EOfVIES, INCORPORATED,
<br />South Bend Portage Township Residential Real Property TaxAbat®ment Schedule*
<br />Estimated Project Cost:
<br />Assessed Value: _
<br />STRUCTUf~E {% AV of cost) ~:~ v'
<br />LAND Value ~c~'t,:;(;
<br />Gross Assessed Value
<br />Less Mortgage Exemption
<br />Less homestead Deduction
<br />Less Supplemen#al f-lomestead Deduction
<br />Base Assessed Value
<br />
<br />Total Taxes Tax Abated`"' Tax Paid***
<br />446,250.40 446,250.00 446,2$0.00
<br />10,000.00 _ NIA NIA
<br />456,250.OD 446,264.00 446,25D.00
<br />{3,000.40) {3A00.00} (3,fl00.OD)
<br />(45,40a.4D} {45,000.00) {45,004.00)
<br />{143,937.50) {143,937.50} {143,937.5D}
<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 />N!A NIA {74,880.00)
<br />NIA (179,432.54) NIA
<br />NIA NIA 10,000.00
<br />264,312.50 74,880.00 189,432.54
<br />Praoerty Taxes:
<br />Assume constant tax ra#e of 4.4598% 4.4598% 4.4598%
<br />Gross Tax (tax ra#e x net assessed value} 11,787.$1 3,339.54 8,448.31
<br />Less State & County Homestead Credit: 18.6246% {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 5,52046
<br />Circuit Breaker Cap
<br />Circuit Breaker 1,4004°!0 4,562.54 4,462.5fl 4,562.50
<br />Debt Service 0.5057°!0 1,336.63 378.67 957,96
<br />Circuit Broker Cap 5,899.13 4,$41.17 5,520.46
<br /> Net Total
<br /> Assessed Taxes Tax Tax
<br />Year Value Due Abated Paid
<br />1 264,312.50 5,899.13 37$.67 5,520.46
<br />2 264,312.5D 5,899.13 378.67 5,524.46
<br />3 264,312.50 5,899.13 378.67 5,524.46
<br />4 264,312.50 5,899.13 378.67 5,520.46
<br />5 264,312.54 5,899.13 378.67 5,520.46
<br /> 5yeartotals: 29,495.64 1,893.34 27,602.30
<br />*This schedule is for estimation purposes only and assumes constant tax rates. The Prue tax values
<br />will of#imately be determined by the actual assessed valuation and the then current tax rates,
<br />**Tax Abated is capped at $74,884 of assessed value of structures only and doss not include land
<br />assessed value.
<br />***Tax Paid is cafcuiated using the difference between actual assessed value of structure and
<br />maximum aba#ed por#ion of $74,880 and adding back the land assessed value.
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