|
5 YEAR
<br />26-Apr-06
<br />NEAR NORTHWEST NEIGHBORHOOD. INC.
<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 />Base Assessed Value:
<br />Less Maximum Abatement Deduction
<br />Less Non-Abated Amount:
<br />Plus Land Assessed Value:
<br />Net Assessed Value:
<br />$120,000.00
<br />Total Taxes Tax Abated** Tax Paid***
<br />102,000.00 102,000.00 102, 000.00
<br />10,000.00 N/A N/A
<br />112, 000.00 102,000.00 102, 000.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(35,000.00) (35,000.00) (35,000.00)
<br />74,000.00 64,000.00 64,000.00
<br />74,000.00 64,000.00 64,000.00
<br />N/A N/A ($64,000.00)
<br />N/A 0.00 N/A
<br />N/A N/A 10,000.00
<br />74,000.00 64,000.00 10,000.00
<br />Property Taxes:
<br />Assume constant tax rate of:
<br />4.89060% 4.89060% 4.89060%
<br />Gross Tax (tax rate x net assessed value): 3,619.04 3,129.98 489.06
<br />Less SRTC (21.6113%): (782.12) (676.43) (105.69)
<br />Less Homestead Credit (24.3982%): (692.16) (598.62) (93.54)
<br />Net Tax: 2,144.76 1,854.93 289.83
<br />Net Assessed Total
<br />Year Value Taxes Due Tax Abated Tax Paid
<br />1 74,000.00 2,144.76 1,854.93 289.83
<br />2 74,000.00 2,144.76 1,854.93 289.83
<br />3 74,000.00 2,144.76 1,854.93 289.83
<br />4 74,000.00 2,144.76 1,854.93 289.83
<br />5 74,000.00 2,144.76 1,854.93 289.83
<br /> 5yeartotals: 10,723.80 9,274.65 1,449.15
<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.
<br />
|