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5 YEAR 26- Nov -07
<br />EDWARD A. MYERS
<br />South Bend German 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 />$125.452.00
<br />Total Taxes Tax Abated ** Tax Paid * **
<br />106,634.20 106,634.20 106,634.20
<br />16,000.00 N/A N/A
<br />116,634.20 106,634.20 106,634.20
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(35,000.00) (35,000.00) (35,000.00)
<br />78,634.20 68,634.20 68,634.20
<br />Less Maximum Abatement Deduction
<br />N/A
<br />N/A
<br />(68,634.20)
<br />Less Non - Abated Amount
<br />N/A
<br />0.00
<br />N/A
<br />Plus Land Assessed Value
<br />N/A
<br />N/A
<br />10,000.00
<br />Net Assessed Value
<br />78,634.20
<br />68,634.20
<br />10,000.00
<br />Property Taxes:
<br />Assume constant tax rate of
<br />5.1376% 5.1376% 5.1376%
<br />Gross Tax (tax rate x net assessed value)
<br />4,039.91
<br />3,526.15
<br />513.76
<br />Less SRTC: 21.7293%
<br />(877.84)
<br />(766.21)
<br />(111.64)
<br />Less Homestead Credit: 32.1230%
<br />(1,015.75)
<br />(886.58)
<br />(129.17)
<br />Net Tax
<br />2,146.32
<br />1,873.36
<br />272.95
<br />Net
<br />Total
<br />1,873.36
<br />272.95
<br />Assessed
<br />Taxes
<br />Tax
<br />Tax
<br />Year Value
<br />Due
<br />Abated
<br />Paid
<br />1
<br />'78,634.20 � 78,634.20
<br />2,146.32
<br />1,873.36
<br />272.95
<br />2
<br />78,634.20
<br />2,146.32
<br />1,873.36
<br />272.95
<br />3
<br />78,634.20
<br />2,146.32
<br />1,873.36
<br />272.95
<br />4
<br />78,634.20
<br />2,146.32
<br />1,873.36
<br />272.95
<br />5
<br />78,634.20
<br />2,146.32
<br />1,873.36
<br />272.95
<br />5 year totals:
<br />10,731.58
<br />9,366.81
<br />1,364.77
<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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