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5 YEAR
<br />29- Sep -10
<br />ENTRIKIN, J. NICHOLAS & DIANE
<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°Ja
<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 />1400100.00
<br />Total Taxes Tax Abated ** Tax Paid * **
<br />340,000.00 340,000.00 340,000.00
<br />10,000.00 N/A N/A
<br />350,000.00 340,000.00 340,000.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(45,000.00) (45,000.00) (45,000.00)
<br />(106,750.00) (106,750.00) (106 750.00)
<br />195, 250.00 185,250.00 185,250.00
<br />Less Maximum Abatement Deduction
<br />N/A
<br />N/A
<br />(74,880.00)
<br />Less Non - Abated Amount
<br />N/A
<br />(110,370.00)
<br />N/A
<br />Plus Land Assessed Value
<br />N/A
<br />N/A
<br />10;000.00
<br />Net Assessed Value
<br />195,250.00
<br />74,880.00
<br />120,370.00
<br />Property Taxes:
<br />Assume constant tax rate of
<br />4.4598%
<br />4.4598%
<br />4.4598%
<br />Gross Tax (tax rate x net assessed value)
<br />8,707.76
<br />3,339.50
<br />5,368.26
<br />Less State & County Homestead Credit:
<br />18.6246%
<br />(1,621.79)
<br />(621.97)
<br />(999.82)
<br />Tax Due Before Circuit Breaker
<br />7,085.97
<br />2,717.53
<br />4,368.44
<br />Less Circuit Breaker Credit
<br />(2,598.59)
<br />(2,338.86)
<br />(259.73)
<br />Net Tax
<br />4,487.38
<br />378.67
<br />4,108.71
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />1.0000%
<br />3,500.00
<br />3,400.00
<br />3,500.00
<br />Debt Service
<br />0.5057%
<br />987.38
<br />378.67
<br />608.71
<br />Circuit Braker Cap
<br />4,487.38
<br />3,778.67
<br />4,108.71
<br />Net
<br />Total
<br />Assessed
<br />Taxes
<br />Tax
<br />Tax
<br />Year
<br />Value
<br />Due
<br />Abated
<br />Paid
<br />1
<br />195,250.00
<br />4,487.38
<br />378.67
<br />4,108.71
<br />2
<br />195,250.00
<br />4,487.38
<br />378.67
<br />4,108.71
<br />3
<br />195,250.00
<br />4,487.38
<br />378.67
<br />4,108.71
<br />4
<br />195,250.00
<br />4,487.38
<br />378.67
<br />4,108.71
<br />5
<br />195,250.00
<br />4,487.38
<br />378.67
<br />4,108.71
<br />5 year totals:
<br />22,436.90
<br />1,893.34
<br />20,543.56
<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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