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5 YEAR 19- Jul -07
<br />COLFAX PLACE ASSOCIATES
<br />South Bend Portage 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 />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%
<br />Net Tax
<br />Net
<br />Assessed
<br />Year Value
<br />$259,000.00
<br />Total Taxes Tax Abated ** Tax Paid***
<br />220,150.00 220,150.00 220,150.00
<br />10,000.00 N/A N/A
<br />230,150.00 220,150.00 220,150.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(35,000.00) (35,000.00) (35,000.00)
<br />192,150.00 182,150.00 182,150.00
<br />N/A N/A (74,880.00)
<br />N/A (107,270.00) N/A
<br />N/A N/A 10,000.00
<br />192,150.00 74,880.00 117,270.00
<br />5.1524% 5.1524% 5.1524%
<br />9,900.34
<br />3,858.12
<br />6,042.22
<br />(2,147.44)
<br />(836.85)
<br />(1,310.59)
<br />(2,486.12)
<br />(968.83)
<br />(1,517.29)
<br />5,266.77
<br />2,052.44
<br />3,214.34
<br />Total
<br />Taxes Tax Tax
<br />Due Abated Paid
<br />1 192,150.00
<br />5,266.77
<br />2,052.44
<br />3,214.34
<br />2 192,150.00
<br />5,266.77
<br />2,052.44
<br />3,214.34
<br />3 192,150.00
<br />5,266.77
<br />2,052.44
<br />3,214.34
<br />4 192,150.00
<br />5,266.77
<br />2,052.44
<br />3,214.34
<br />5 192,150.00
<br />5,266.77
<br />2,052.44
<br />3,214.34
<br />5 year totals:
<br />26,333.87
<br />10,262.19
<br />16,071.68
<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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