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5 YEAR
<br />20-Jun-06
<br />AUSTIN J. HICKEY
<br />South Bend Centre 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 />Base Assessed Value:
<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 />Gross Tax (tax rate x net assessed value):
<br />Less SRTC (21.6532%):
<br />Less Homestead Credit (24.4250%):
<br />Net Tax:
<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 />$269,500.00 $259,500.00 $259,500.00
<br />N/A N/A ($74,600.00)
<br />N/A -184,900.00 N/A
<br />N/A N/A 10,000.00
<br />$269,500.00 $74,600.00 $194,900.00
<br />4.8695% 4.8695% 4.8695%
<br />$13,123.30 $3,632.65 $9,490.66
<br />-2,890.83 -800.21 -2,090.62
<br />-1,992.27 -551.48 -1,440.80
<br />8 240.20 2 280.96 5 959.24
<br /> Net Assessed Total
<br />Year Value Taxes Due Tax Abated Tax Paid
<br />1 $269,500.00 $8,240.20 $2,280.96 $5,959.24
<br />2 269,500.00 8,240.20 2,280.96 5,959.24
<br />3 269,500.00 8,240.20 2,280.96 5,959.24
<br />4 269,500.00 8,240.20 2,280.96 5,959.24
<br />5 269,500.00 8,240.20 2,280.96 5,959.24
<br /> 5 year totals: $41,201.00 $11,404.80 $29,796.20
<br />*This schedule is for estimation purposes only and assumes constant tax rates.
<br />The true tax values will ultimately be determined by the actual
<br />assessed valuation and the then current tax rates.
<br />**Tax Abated is capped at $74,600 of assessed value of structures only
<br />and does not include land assessed value.
<br />***Tax Paid is calculated using the difference between actual assessed value
<br />of structure and maximum abated portion of $74,600 and adding
<br />back the land assessed value.
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