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5 YEAR
<br />22-Sep-10
<br />KRUSCHE. MARKUS ~ KRUPALI
<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% ~
<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 />450.000.00
<br />Total Taxes Tax Abated** Tax Paid***
<br />382,500.00 382,500.00 382,500.00
<br />10,000.00 N/A N/A
<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 />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 (137,995.00) N/A
<br />N/A N/A 10,000.00
<br />222,875.00 74,880.00 147,995.00
<br />4.4598% 4.4598% 4.4598%
<br />Gross Tax (tax rate x net assessed value) 9,939.78 3,339.50 6,600.28
<br />Less State & County Homestead Credit: 18.6246% (1,851.24) (621.97) (1,229.28)
<br />Tax Due Before Circuit Breaker 8,088.54 2,717.53 5,371.01
<br />Less Circuit Breaker Credit (3,036.46) (2,338.86) (697.59)
<br />Net Tax 5,052.08 378.67 4,673.41
<br />Circuit Breaker Cap
<br />Circuit Breaker 1.0000% 3,925.00 3,825.00 3,925.00
<br />Debt Service 0.5057% 1,127.08 378.67 748.41
<br />' Circuit Braker Cap 5,052.08 4,203.67 4,673.41
<br /> Net Total
<br /> Assessed Taxes Tax Tax
<br />Year Value Due Abated Paid
<br />1 222,875.00 5,052.08 378.67 4,673.41
<br />2 222,875.00 5,052.08 378.67 4,673.41
<br />3 222,875.00 5,052.08 378.67 4,673.41
<br />4 222,875.00 5,052.08 378.67 4,673.41
<br />5 222,875.00 5,052.08 378.67 4,673.41
<br /> 5yeartotals: 25,260.39 1,893.34 23,367.05
<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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