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5 YEAR
<br />10-May-06
<br />GARDEN HOMES
<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 />Proaerty 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 />$125,000.00
<br />Total Taxes Tax Abated** Tax Paid***
<br />106, 250.00 106, 250.00 106, 250.00
<br />10.000.00 N/A N/A
<br />116,250.00 106,250.00 106,250.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(35,000.00) (35,000.00) (35,000.00)
<br />78,250.00 68,250.00 68,250.00
<br />78,250.00 68,250.00 68,250.00
<br />N/A N/A ($74,600.00)
<br />N/A 6,350.00 N/A
<br />N/A N/A 10,000.00
<br />78,250.00 74,600.00 3,650.00
<br />4.89060% 4.89060% 4.89060%
<br />3,826.89 3,648.39 178.51
<br />(827.04) (788.46) (38.58)
<br />(731.91) (697.77) (34.14)
<br />2.267.94 2.162.16 105.79
<br />Net Assessed Total
<br />Year Value Taxes Due Tax Abated Tax Paid
<br />1 78,250.00 2,267.94 2,162.16 105.79
<br />2 78,250.00 2,267.94 2,162.16 105.79
<br />3 78,250.00 2,267.94 2,162.16 105.79
<br />4 78,250.00 2,267.94 2,162.16 105.79
<br />5 78,250.00 2,267.94 2,162.16 105.79
<br /> 5 year totals: 11,339.70 10,810.80 528.95
<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. E,~~~
<br />**Tax Abated is capped at $74,600 of assessed value of structures only ~P:
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<br />and does not include land assessed value. t;
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<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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