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5 YEAR 26-Nov-07
<br />EDWARD A. MYERS
<br />South Bend German 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 />$125,452.00
<br />Total Taxes Tax Abated'`* Tax Paid""''
<br />106,634.20 106,634.20 106,634.20
<br />10,000.00 N/A N/A
<br />116,634.20 106,634.20 106,634.20
<br />(3,000.00) (3,000:00) (3,000.00)
<br />(35,000.00) (35,000.00) (35,000.00)
<br />78,634.20 68,634.20 68,634.20
<br />Less Maximum Abatement Deduction N/A N/A (68,634.20)
<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 78,634.20 68,634.20 10,000.00
<br />Property Taxes:
<br />Assume constant tax rate of
<br />5.1376% 5.1376% 5.1376%
<br />Gross Tax (tax rate x net assessed value) 4,039.91 3,526.15 513.76
<br />Less SRTC: 21.7293% (877.84) (766.21) (111.64)
<br />Less Homestead Credit: 32.1230% (1,015.75) (886.58) (129.17)
<br />Net Tax 2,146.32 1,873.36 272.95
<br />
<br />
<br />Year Net
<br />Assessed
<br />Value Total
<br />Taxes
<br />Due
<br />Tax
<br />Abated
<br />Tax
<br />Paid
<br />1 78,634.20 2,146.32 1,873.36 272.95
<br />2 78,634.20 2,146.32 1,873.36 272.95
<br />3 78,634.20 2,146.32 1,873.36 272.95
<br />4 78,634.20 2.,146.32 1,873.36 272.95
<br />5 78,634.20 2,146.32 1,873.36 272.95
<br /> 5 year totals: 10,731.58 9,366.81 1,364.77
<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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