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5 YEAR 9- Apr -08
<br />TAMPICO DEVELOPMENTS, LLC
<br />South Bend Portage 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 />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 />$185,000.00
<br />Total Taxes Tax Abated ** Tax Paid * **
<br />157,250.00 157,250.00 157,250.00
<br />10,000.00 N/A N/A
<br />167,250.00 157,250.00 157,250.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(35,000.00) (35,000.00) (35,000.00)
<br />129,250.00 119,250.00 119,250.00
<br />N/A N/A (74,880.00)
<br />N/A (44,370.00) N/A
<br />N/A N/A 10,000.00
<br />129,250.00 74,880.00 54,370.00
<br />5.1524% 5.1524% 5.1524%
<br />Gross Tax (tax rate x net assessed value)
<br />6,659.48
<br />3,858.12
<br />2,801.36
<br />Less SRTC: 21.6906%
<br />(1,444.48)
<br />(836.85)
<br />(607.63)
<br />Less Homestead Credit: 32.0670%
<br />(1,672.29)
<br />(968.83)
<br />(703.46)
<br />Net Tax
<br />3,542.71
<br />2,052.44
<br />1,490.27
<br />Year
<br />Net
<br />Assessed
<br />Value
<br />Total
<br />Taxes
<br />Due
<br />Tax
<br />Abated
<br />Tax
<br />Paid
<br />1
<br />129,250.00
<br />3,542.71
<br />2,052.44
<br />1,490.27
<br />2
<br />129,250.00
<br />3,542.71
<br />2,052.44
<br />1,490.27
<br />3
<br />129,250.00
<br />3,542.71
<br />2,052.44
<br />1,490.27
<br />4
<br />129,250.00
<br />3,542.71
<br />2,052.44
<br />1,490.27
<br />5
<br />129,250.00
<br />3,542.71
<br />2,052.44
<br />1,490.27
<br />5 year totals:
<br />17,713.53
<br />10,262.19
<br />7,451.34
<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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