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5 YEAR 23-Mar-11
<br /> BERGER, ROBERT F. & N. MARIA
<br /> South Bend Portage Township Residential Real Property Tax Abatement Schedule*
<br /> Estimated Project Cost: "s 27 i(?
<br /> Total Taxes Tax Abated** Tax Paid***
<br /> Assessed Value:
<br /> STRUCTURE(%AV of cost) RB % f 233,750.00 233,750.00 233,750.00
<br /> LAND Value E E`1tt ?0 10,000.00 N/A N/A
<br /> Gross Assessed Value 243,750.00 233,750.00 233,750.00
<br /> Less Mortgage Exemption (3,000.00) (3,000.00) (3,000.00)
<br /> Less Homestead Deduction (45,000.00) (45,000.00) (45,000.00)
<br /> Less Supplemental Homestead Deduction 69,562.50 69,562.50 69,562.50
<br /> Base Assessed Value 126,187.50 116,187.50 116,187.50
<br /> Less Maximum Abatement Deduction N/A N/A (74,880.00)
<br /> Less Non-Abated Amount N/A (41,307.50) N/A
<br /> Plus Land Assessed Value N/A N/A 10,000.00
<br /> Net Assessed Value 126,187.50 74,880.00 51,307.50
<br /> Property Taxes:
<br /> Assume constant tax rate of 4.4598% 4.4598% 4.4598%
<br /> Gross Tax(tax rate x net assessed value) 5,627.71 3,339.50 2,288.21
<br /> Less State&County Homestead Credit: 18.6246% (1,048.14) (621.97y (426.17)
<br /> Tax Due Before Circuit Breaker 4,579.57 2,717.53 1,862.04
<br /> Less Circuit Breaker Credit 1,503.94 1,503.94 0.00
<br /> Net Tax 3,075.63 1,213.59 1,862.04
<br /> Circuit Breaker Cap
<br /> Circuit Breaker 1.0000% 2,437.50 2,337.50 2,437.50
<br /> Debt Service 0.5057% 638.13 378.67 259.46
<br /> Circuit Braker Cap 3,075.63 2,716.17 2,696.96
<br /> Net Total
<br /> Assessed Taxes Tax Tax
<br /> Year Value Due Abated Paid
<br /> 1 126,187.50 3,075.63 1,213.59 1,862.04
<br /> 2 126,187.50 3,075.63 1,213.59 1,862.04
<br /> 3 126,187.50 3,075.63 1,213.59 1,862.04
<br /> 4 126,187.50 3,075.63 1,213.59 1,862.04
<br /> 5 126187.50 3,075.63 1,213.59 1,862.04
<br /> 5 year totals: 15,378.15 6,067.94 9,310.21
<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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