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5 YEAR 30-Aug-06
<br /> ° ROJO DEVELOPMENT INC. (NORAWOOD MANOR) �
<br /> South Bend Centre Township Residentia!Real Pr�operty Tax Abatement Srhedcrle*
<br /> Estimated Project Cost: $3,250,000.00
<br /> Total Taxes Tax Abated*x Tax Paid***
<br /> Assessed Value:
<br /> STRUCTURE (assume 85%of project cost) 2,762,500.00 2,762,500.00 2,762,500.00
<br /> LAND (assume$10,000) 10,000.00 N/A N/A
<br /> Gross Assessed Value 2,772,500.00 2,762,500.00 2,762,500.00
<br /> Less Mortgage Exemption (3,000.00) (3,000.00) (3,000.00)
<br /> Less Standard Homeowners Deduction (35,000,00) (35,000.00) (35,000.00)
<br /> Base Assessed Value 2,734,500.00 2,724,500.Od 2,724,500.00
<br /> Less Maximum Abatement Deduction N/A N/A (74,880.00)
<br /> Less Non-Abated Amount N/A (2,649,620.00) N/A
<br /> Plus Land Assessed Vafue N/A N/A 10,000.00
<br /> Net Assessed Value 2,734,500.00 74,880.00 2,659,620.00
<br /> Propertv Taxes:
<br /> Assume constant tax rate of 5.1338% 5.1338% 5.1338%
<br /> Gross Tax (tax rate x net assessed vafue) 140,383.76 3,844.19 136,539.57
<br /> Less SRTC: 21.7230% (30,495.56) (835.07) (29,660.49)
<br /> Less Homestead Credit: 32.0952% (35,268.84
<br /> ) (965.78) (34 303.05)
<br /> Net Tax 74,619.36 2,043.34 72,576.03
<br /> Net Total
<br /> Assessed Taxes Tax Tax
<br /> Year Value Due Abated Paid
<br /> 1 2,734,500.00 74,619.36 2,043.34 72,576.03
<br /> 2 2,734,500.00 74,619.36 2,043.34 72,576.03
<br /> 3 2,734,500.00 74,619.36 2,043.34 72,576.03
<br /> 4 2,734,500.00 74,619.36 2,043.34 72,576.03
<br /> 5 2,734,500.00 74,619.36 2,043.34 72,576.03
<br /> 5 year totals: 373,096.78 10,216.68 362,880.15
<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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