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5 YEAR
<br />PATRICK PERRELLA
<br />23-Jul-10
<br />South Bend Portage Township Residential Real Property Tax Abatement Schedule*
<br />Estimated Project Cost:
<br />Assessed Value:
<br />STRUCTURE (% AV of cost)'._r 85.0°R -'
<br />LAND Value I 10,000
<br />Gross Assessed Value
<br />Less Mortgage Exemption
<br />Less Homestead Deduction
<br />Less Supplemental Homestead Deduction
<br />Base Assessed Value
<br />$630:000.00'
<br />Total Taxes Tax Abated** Tax Paid***
<br />535,500.00 535,500.00 535,500.00
<br />10,000.00 N/A N/A
<br />545,500.00 535,500.00 535,500.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(45,000.00) (45,000.00) (45,000.00)
<br />_(175,175.00) (175,175.00) (175,175.00)
<br />322,325.00 312,325.00 312,325.00
<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 (237,445.00) N/A
<br />N/A N/A 10,000.00
<br />322,325.00 74,880.00 247,445.00
<br />4.4598% 4.4598% 4.4598%
<br />Gross Tax (tax rate x net assessed value) 14,375.05 3,339.50• 11,035.55
<br />Less State & County Homestead Credit: 18.6246% (2,677.30) (621.97) (2,055.33)
<br />Tax Due Before Circuit Breaker 11,697.75 2,717.53 8,980.22
<br />Less Circuit Breaker Credit (4,612.76) (2,338.86) (2,273.90)
<br />Net Tax 7,085.00 378.67 6,706.33
<br />Circuit Breaker Cap
<br />Circuit Breaker 1.0000% 5,455.00 5,355.00 5,455.00
<br />Debt Service 0.5057% 1,630.00 378.67 1,251.33
<br />Circuit Braker Cap 7,085.00 5,733.67 6,706.33
<br /> Net Total
<br /> Assessed Taxes Tax Tax
<br />Year Value Due Abated Paid
<br />1 322,325.00 7,085.00 378.67 6,706.33
<br />2 322,325.00 7,085.00 378.67 6,706.33
<br />3 322,325.00 7,085.00 378.67 6,706.33
<br />4 322,325.00 7,085.00 378.67 6,706.33
<br />5 322,325.00 7,085.00 378.67 6,706.33
<br /> 5year totals: 35,424.99 1,893.34 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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