|
5 YEAR 3-Dec-O7
<br />• KENDALL-WEISS LAFAYETTE FALLS
<br />South Bend Centre Township Residential Rea! 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 />$176.050.00
<br />Total Taxes Tax Abated" Tax Paid*"*
<br />149,642.50 149,642.50 149,642.50
<br />10,000.00 N/A N/A
<br />159, 642.50 149, 642.50 149, 642.50
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(35,000.00) (35,000.00) (35,000.UO)
<br />121, 642.50 111,642.50 111,642.50
<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: 21.7230%
<br />Less Homestead Credit: 32.0952%
<br />Net Tax
<br />N/A - N/A (74,880.00)
<br />N/A (36,762.50) N/A
<br />N/A N/A 10,000.00
<br />121,642.50 74,880.00 46,762.50
<br />5.1338% 5.1338% 5.1338%
<br />6,244.88 3,844.19 2,400.69
<br />(1,356.58) (835.07) (521.50)
<br />(1,568.91) (965.78) (603.13)
<br />3,319.40 2,043.34 1,276.06
<br /> Net Total
<br /> Assessed Taxes Tax Tax
<br />Year Value Due Abated Paid
<br />1 121,642.50 3,319.40 2,043.34 ~ 1,276.06
<br />2 121,642.50 3,319.40 2,043.34 1,276.06
<br />3 121,642.50 3,319.40 2,043.34 1,276.06
<br />4 121,642.50 3,319.40 2,043.34 1,276.06
<br />5 121,642.50 3,319.40 2,043.34 1,276.06
<br /> 5 year totals: 16,596.98 10,216.68 6,380.30
<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.
<br />
|