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5 YEAR
<br />15-Aug-06
<br />ULLERY DEVELOPMENT, LLC
<br />South Bend Centre 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 />$243,750.00
<br />Total Taxes Tax Abated** Tax Paid"*"
<br />207,187.50 207,187.50 207,187.50
<br />10,000.00 N/A N/A
<br />217,187.50 207,187.50 207,187.50
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(35,000.00) (35,000.00) (35,000.00)
<br />179,187.50 169,187.50 169,187.50
<br />Less Maximum Abatement Deduction N/A N/A (74,880.00)
<br />Less Non-Abated Amount N/A (94,307.50) N/A
<br />Plus Land Assessed Value N/A N/A 10,000.00
<br />Net Assessed Value 179,187.50 74,880.00 104,307.50
<br />Property Taxes:
<br />Assume constant tax rate of 5.1338% 5.1338% 5.1338%
<br />Gross Tax (tax rate x net assessed value) 9,199.13 3,844.19 5,354.94
<br />Less SRTC: 21.7230% (1,998.33) (835.07) (1,163.25)
<br />Less Homestead Credit: 32.0952% (2,311.11) (965.78) (1,345.33)
<br />Net Tax 4,889.69 2,043.34 2,846.36
<br />
<br />
<br />Year Net
<br />Assessed
<br />Vaiue Total
<br />Taxes
<br />Due
<br />Tax
<br />Abated
<br />Tax
<br />Paid
<br />1 179,187.50 4,889.69 2,043.34 2,846.36
<br />2 179,187.50 4,889.69 2,043.34 2,846.36
<br />3 179,187.50 4,889.69 2,043.34 2,846.36
<br />4 179,187.50 4,889.69 2,043.34 2,846.36
<br />5 179,187.50 4,889.69 2,043.34 2,846.36
<br /> 5 year totals: 24,448.46 10,216.68 14,231.78
<br />*This schedule is for estimation purposes only and assumes constant tax rates. The true tax values
<br />wilt 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.
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