|
5 YEAR 15-Aug-07
<br />Kendall Weiss, LLP
<br />$195,000.00
<br />South Bend Portage Township Residential Rea! 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 />195000
<br />Total Taxes Tax Abated*' Tax Paid"'
<br />165, 750.00 165, 750.00 165, 750.00
<br />10,000.00 N/A N/A .
<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 />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%
<br />Less Homestead Credit: 32.0670°t°
<br />Net Tax
<br />N/A N/A (74,880.00)
<br />N/A (52,870.00) N/A
<br />N/A N/A 10,000.00
<br />137,750.00 74,880.00 62,870.00
<br />5.1524% 5.1524% 5.1524%
<br />7,097.43 3,858.12 3,239.31
<br />(1,539.48) (836.85) (702.63)
<br />(1,782.27) (968.83) (813.44)
<br />3,775.69 2,052.44 1,723.25
<br />
<br />
<br />Year Net
<br />Assessed
<br />Value Total
<br />Taxes
<br />Due
<br />Tax
<br />Abated
<br />Tax
<br />Paid
<br />1 137,750.00 3,775.69 2,052.44 1,723.25
<br />2 137,750.00 3,775.69 .2,052.44 1,723.25
<br />3 137,750.00 3,775.69 2,052.44 1,723.25
<br />4 137,750.00 3,775.69 2,052.44 1,723.25
<br />5 137,750.00 3,775.69 2,052.44 1,723.25
<br /> 5 year totals: 18,878.43 10,262.19 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 />
|