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5 YEAR 7-Jul-11
<br /> John and Jennifer Se'dina'
<br /> South Bend Portage Township Residential Real Property Tax Abatement Schedule*
<br /> Estimated Project Cost:
<br /> Assessed Value: Total Taxes Tax Abated*" Tax Paid***
<br /> STRUCTURE(%AV of cost)`3 85 f)/o 51.0,000.00 510,000.00 510,000.00
<br /> LAND Value 10,000.00 NIA NIA
<br /> Gross Assessed Value 520,000.00 510,000.00 510,000.00
<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 _(166,2_ 50.00) (166 250.00) (16fi 250.00)
<br /> Base Assessed Value 305,750.00 295,750.00 295,750.00
<br /> Less Maximum Abatement Deduction N/A NIA (74,880.00)
<br /> Less Non-Abated Amount NIA (220,870.00) NIA
<br /> Plus Land Assessed Value N/A NIA 10,000.00
<br /> Net Assessed Value 305,750.00 74,880.00 230,870.00
<br /> Property Taxes:
<br /> Assume constant tax rate of 4.4598% 4.4598% 4.4598%
<br /> Gross Tax(tax rate x net assessed value) 13,635.84 3,339.50 10,296.34
<br /> Less State&County Homestead Credit: 18.6246% 2,539.62 621.97 1,917.65
<br /> Tax Due Before Circuit Breaker 11,096.22 2,717.53 8,378.69
<br /> Less Circuit Breaker Credit 4,350.04 2,338.86 2,011.18
<br /> Net Tax 6,74618 378.67 6,367,51
<br /> Circuit Breaker Cap
<br /> Circuit Breaker 1.0000% 5,200.00 5,100.00 5,200.00
<br /> Debt Service 0.5057% 1,546.18 378.67 1,167.51
<br /> Circuit Braker Cap 6,746.18 5,478.67 6,367.51
<br /> Net Total
<br /> Assessed Taxes Tax Tax
<br /> Year Value Due Abated Paid
<br /> 1 305,750.00 6,746.18 378.67 6,367.51
<br /> 2 305,750.00 6,746.18 378.67 6,367.51
<br /> 3 305,750.00 6,746.18 378.67 6,367.51
<br /> 4 305,750.00 6,746.18 378.67 6,367.51
<br /> 5 305,750.00 6,746.18 378.67 6,367 51
<br /> 5 year totals: 33,730.89 1,893.34 31,837.55
<br /> `This schedule is for estimation purposes only and assumes constant tax rates. The true tax values
<br /> wilt 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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