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5 YEAR 3-Dec-07
<br />KENDALL-WEISS LAFAYETTE FALLS
<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 />X176,050.00
<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) (35,000.00)
<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 />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 />Gross Tax (tax rate x net assessed value) 6,244.88 3,844.19 2,400.69
<br />Less SRTC: 21.7230% (1,356.58) (835.07) (521.50)
<br />Less Homestead Credit: 32.0952% (1,568.91) (965.78) (603.13)
<br />Net Tax 3,319.40 2,043.34 1,276.06
<br />
<br />
<br />Year Net
<br />Assessed
<br />Value Total
<br />Taxes
<br />Due
<br />Tax
<br />Abated
<br />Tax
<br />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.
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