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5 YEAR
<br />22 -Sep -10
<br />KRUSCHE. MARKUS & KRUPALI
<br />South Band Portage Township Residential Real Property Tax Abatement Schedule*
<br />Estimated Project Cost:
<br />Assessed Value:
<br />STRUCTURE (% AV of cost %�,*W
<br />LAND Value' .
<br />Gross Assessed Value
<br />Less Mortgage Exemption
<br />Less Homestead Deduction
<br />Less Supplemental Homestead 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 />Total Taxes Tax Abated ** Tax Paid` **
<br />382,500.00 382,500.00 382,500.00
<br />10,000.00 NIA NIA
<br />392,500.00 382,500.00 382,500.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(45,000.00) (45,000.00) (45,000.00)
<br />(121,625.00) (121,625.00) (121,625.00)
<br />222,875.00 212,875.00 212,875.00
<br />NIA NIA (74,880.00)
<br />NIA (137,995.00) NIA
<br />NIA NIA 10,000.00
<br />222,875.00 74,880.00 147,995.00
<br />4.4598% 4.4598% 4.4598%
<br />Cross Tax (tax rate x net assessed value)
<br />Assessed
<br />9,939.78
<br />3,339.50
<br />6,600.28
<br />Less State & County Homestead Credit:
<br />18.6246%
<br />(1,851.24)
<br />(621.97)
<br />Paid
<br />Tax Due Before Circuit Breaker
<br />222,875.00
<br />8,088.54
<br />2,717.53
<br />5,371.01
<br />Less Circuit Breaker Credit
<br />_
<br />(3,036.46)
<br />(2,338.86_
<br />(697.59)
<br />Net Tax
<br />222,875.00
<br />5,052.08
<br />378.67
<br />4,673.41
<br />Circuit Breaker Cap
<br />222,875.00
<br />5,052.08
<br />378.67
<br />4,673.41
<br />Circuit Breaker
<br />1.0000%
<br />3,925.00
<br />3,825.00
<br />3,925.00
<br />Debt Service
<br />0.5057%
<br />1,127.08
<br />378.67
<br />748.41
<br />Circuit Braker Cap
<br />5,052.08
<br />4,203.67
<br />4,673.41
<br />Net
<br />Total
<br />*This schedule is for estimation purposes only and assumes constant tax rates. The true tax values
<br />wilt 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 />222,875.00
<br />5,052.08
<br />378.67
<br />4,67141
<br />2
<br />222,875.00
<br />5,052.08
<br />378.67
<br />4,673.41
<br />3
<br />222,875.00
<br />5,052.08
<br />378.67
<br />4,673.41
<br />4
<br />222,875.00
<br />5,052.08
<br />378.67
<br />4,673.41
<br />5
<br />222,875.00
<br />5,052.08
<br />378.67
<br />4,673.41
<br />5 year totals:
<br />25,260.39
<br />1,893.34
<br />23,367.05
<br />*This schedule is for estimation purposes only and assumes constant tax rates. The true tax values
<br />wilt 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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