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5 YEAR 15 -Aug -07
<br />Kendall Weiss,LL.P
<br />�1.9�000.00
<br />South Bend Portage Township Residential Real Property Tax Abatement Schedule'
<br />Estimated Project Cost:
<br />Assessed Value:
<br />STRUCTURE (assume 85% of project cost)
<br />LAND (assume $10,000)
<br />Gross Assessed Value
<br />Less Mortgage Exemption
<br />Less Standard Homeowners Deduction
<br />Base Assessed Value
<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 />Gross Tax (tax rate x net assessed value)
<br />Less SRTC: 21.6906 %a
<br />Less Homestead Credit: 32.0670%
<br />Net Tax
<br />Net
<br />195000
<br />Total Taxes Tax Abated ** Tax Paid *'`*
<br />165, 750.00 165, 750.00 165, 750.00
<br />10,000.00 NIA NIA
<br />175, 750.00 165, 750.00 . 165, 750.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(35,000.00) (35,000.00) (35,000.00)
<br />137, 750.00 127,750.00 127, 750.00
<br />NIA N/A (74,880.00)
<br />NIA (52,870.00) N/A
<br />NIA NIA 10,000.00
<br />137,750.00 74,880.00 62,870.00
<br />5.1524 % 5.1524% 5.1524%
<br />7,097.43
<br />3,858.12
<br />3,239,31
<br />(1,539.48)
<br />(836.85)
<br />(702.63)
<br />(1,782.27)
<br />(968.83),
<br />_ (813.44)
<br />3,775.69
<br />2,052,44
<br />1,723.25 .
<br />Total
<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 />Assessed
<br />Taxes
<br />Tax
<br />Tax
<br />Year
<br />Value
<br />Due
<br />Abated
<br />Paid
<br />1
<br />137,750.00
<br />3,775.69
<br />2,052.44
<br />1,723.25
<br />2
<br />137,750.00
<br />3,775.69
<br />2,052.44
<br />1,723.25
<br />3
<br />137,750.00
<br />3,775.69
<br />2,052.44
<br />1,723.25
<br />4
<br />137,750.00
<br />3,775.69
<br />2,052.44
<br />1,723.25
<br />5
<br />137,750.00
<br />3,775.69
<br />2,052.44
<br />1,723.25
<br />5 year totals:
<br />18,878.43
<br />10,262.19
<br />8,616.24
<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 />
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