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5 YEAR 30-Aug-06
<br />MARK A. AND RUTH M. NOLL
<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 />$350,000.00
<br />Total Taxes Tax Abated** Tax Paid***
<br />297,500.00 297,500.00 297,500.00
<br />10,000.00 N/A N/A
<br />307,500.00 297,500.00 297,500.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(35,000.00) (35,000.00) (35,000.00)
<br />269,500.00 259,500.00 259,500.00
<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 />N/A N/A (74,880.00)
<br />N/A (184,620.00) N/A
<br />N/A N/A 10,000.00
<br />269,500.00 74,880.00 194,620.00
<br />5.1524% 5.1524% 5.1524%
<br />Gross Tax (tax rate x net assessed value) 13,885.72 3,858.12 10,027.60
<br />Less SRTC: 21.6906% (3,011.90) (836.85) (2,175.05)
<br />Less Homestead Credit: 32.0670% (3,486.91) (968.83) (2,518.08)
<br />Net Tax 7,386.91 2,052.44 5,334.47
<br />
<br />
<br />Year Net
<br />Assessed
<br />Value Total
<br />Taxes
<br />Due
<br />Tax
<br />Abated
<br />Tax
<br />Paid
<br />1 269,500.00 7,386.91 2,052.44 5,334.47
<br />2 269,500.00 7,386.91 2,052.44 5,334.47
<br />3 269,500.00 7,386.91 2,052.44 5,334.47
<br />4 269,500.00 7,386.91 2,052.44 5,334.47
<br />5 269,500.00 7,386.91 2,052.44 5,334.47
<br /> 5 year totals: 36,934.56 10,262.19 26,672.37
<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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