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5 YEAR
<br />10-May-06
<br />GARDEN HOMES
<br />South Bend Clay 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 />$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 />Property Taxes:
<br />Assume constant tax rate of:
<br />Gross Tax (tax rate x net assessed value)
<br />Less SRTC (21.6296%):
<br />Less Homestead Credit (24.4143%):
<br />Net Tax:
<br />4.88290% 4.88290% 4.88290%
<br />3,820.87 3,642.64 178.23
<br />(826.44) (787.89) (38.55)
<br />(731.07) (696.97) (34.10)
<br />2.263.36 2.157.78 105.58
<br />Net Assessed Total
<br />Year Value Taxes Due Tax Abated Tax Paid
<br />1 78,250.00 2,263.36 2,157.78 105.58
<br />2 78,250.00 2,263.36 2,157.78 105.58
<br />3 78,250.00 2,263.36 2,157.78 105.58
<br />4 78,250.00 2,263.36 2,157.78 105.58
<br />5 78,250.00 2,263.36 2,157.78 105.58
<br /> 5 year totals: 11,316.80 10,788.90 527.90
<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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