Laserfiche WebLink
5 YEAR 7-Aug-06 <br />CHARLOTTE BRIDGES <br />South Bend Portage Township Residential Real Property Tax Abatement Schedule* <br />Estimated Project Cost: <br />$80,000.00 <br />Total Taxes Tax Abated** Tax Paid'`** <br />Assessed Value: <br />STRUCTURE (assume 85% of project cost) 68,000.00 68,000.00 68,000.00 <br />LAND (assume $10,000) 10,000.00 N/A N/A <br />Gross Assessed Value 78,000.00 68,000.00 68,000.00 <br />Less Mortgage Exemption (3,000.00) (3,000.00) (3,000.00) <br />Less Standard Homeowners Deduction (35,000.00) (35,000.00) (35,000.00) <br />Base Assessed Value 40,000.00 30,000.00 30,000.00 <br />Less Maximum Abatement Deduction N/A N/A (30,000.00) <br />Less Non-Abated Amount N/A 0.00 N/A <br />Plus Land Assessed Value N/A N/A 10,000.00 <br />Net Assessed Value 40,000.00 30,000.00 10,000.00 <br />Property Taxes: <br />Assume constant tax rate of <br />5.1524% 5.1524% 5.1524% <br />Gross Tax (tax rate x net assessed value) 2,060.96 1,545.72 515.24 <br />Less SRTC: 21.6906% (447.03} (335.28) (111.76) <br />Less Homestead Credit: 32.0670% (393.77) (295.33) (98.44) <br />Net Tax 1,220.16 915.11 305.04 <br />Net Total <br />Assessed Taxes Tax Tax <br />Year Value Due Abated Paid <br />1 40,000.00 1,220.16 915.11 305.04 <br />2 40,000.00 1,220.16 915.11 305.04 <br />3 40,000.00 1,220.16 915.11 305.04 <br />4 40,000.00 1,220.16 915.11 305.04 <br />5 40,000.00 1,220.16 915.11 305.04 <br /> 5 year totals: 6,100.78 4,575.57 1,525.21 <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 />