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5 YEAR 23-Mar-11
<br /> BERGER, ROBERT F. & N. MARIA
<br /> South Bend Portage Township Residential Rea!Property Tax Abatement Schedule*
<br /> Estimated Project Cost: _ '
<br /> Total Taxes Tax Abated** Tax Paid***
<br /> Assessed Value:
<br /> STRUCTURE(%AV of cost)" $6 b% 306,000.00 306,000.00 306,000.00
<br /> LAND Value 1310 10,000.00 NIA NIA
<br /> Gross Assessed Value 316,000.00 306,000.00 306,000.00
<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 (94,850.00) (94,850.00) 94,850.00)
<br /> Base Assessed Value 173,150.00 163,150.00 163,150.00
<br /> Less Maximum Abatement Deduction NIA NIA (74,880.00)
<br /> Less Non-Abated Amount NIA (88,270.00) NIA
<br /> Plus Land Assessed Value NIA NIA 10,000.00
<br /> Net Assessed Value 173,150.00 74,880.00 98,270.00
<br /> Property Taxes:
<br /> Assume constant tax rate of 4.4598% 4.4598% 4.4598%
<br /> Gross Tax(tax rate x net assessed value) 7,722.14 3,339.50 4,382.65
<br /> Less State&County Homestead Credit: 18.6246% (1,438.22) (621.97) (816.25)
<br /> Tax Due Before Circuit Breaker 6,283.93 2,717.53 3,566.40
<br /> Less Circuit Breaker Credit (2,248.31) (2,248.31) 0.00_
<br /> Net Tax 4,035.62 469.22 3,566.40
<br /> Circuit Breaker Cap
<br /> Circuit Breaker 1.0000% 3,160.00 3,060.00 3,160.00
<br /> Debt Service 0.5057% 875.62 378.67 496.95
<br /> Circuit Braker Cap 4,035.62 3,438.67 3,656.95
<br /> Net Total
<br /> Assessed Taxes Tax Tax
<br /> Year Value Due Abated Paid
<br /> 1 173,150.00 4,035.62 469.22 3,566.40
<br /> 2 173,150.00 4,035.62 469.22 3,566.40
<br /> 3 173,150.00 4,035.62 469.22 3,566.40
<br /> 4 173,150.00 4,035.62 469.22 3,566.40
<br /> 5 173,150.00 4,035.62 469.22 3,566.40
<br /> 5 year totals: 20,178.10 2,346.12 17,831.98
<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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