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5 YEAR
<br />18-Apr-06
<br />THOMAS AND SHANNON GUINAN
<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 />$380,000.00
<br />Total Taxes Tax Abated** Tax Paid***
<br />323,000.00 323,000.00 323,000.00
<br />10,000.00 N/A N/A
<br />333,000.00 323,000.00 323,000.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(35,000.00) (35,000.00) (35,000.00)
<br />295,000.00 285,000.00 285,000.00
<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 (21.6113%):
<br />Less Homestead Credit (24.3982%):
<br />Net Tax:
<br />295,000.00 285,000.00 285,000.00
<br />N/A N/A ($74,600.00)
<br />N/A (210,400.00) N/A
<br />N/A N/A 10,000.00
<br />295,000.00 74,600.00 220,400.00
<br />4.89060% 4.89060% 4.89060%
<br />14,427.27 3,648.39 10,778.88
<br />(3,117.92) (788.46) (2,329.46)
<br />(2,759.28) (697.77) (2,061.51)
<br />8,550.07 2.162.16 6,387.91
<br />Net Assessed Total
<br />Year Value Taxes Due Tax Abated Tax Paid
<br />1 295,000.00 8,550.07 2,162.16 6,387.91
<br />2 295,000.00 8,550.07 2,162.16 6,387.91
<br />3 295,000.00 8,550.07 2,162.16 6,387.91
<br />4 295,000.00 8,550.07 2,162.16 6,387.91
<br />5 295,000.00 8,550.07 2,162.16 6,387.91
<br /> 5 year totals: 42,750.35 10,810.80 31,939.55
<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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