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5 YEAR 8- Apr -08 <br />Habitat for Humanity <br />South Bend Portage Township Residential Real Property Tax Abatement Schedule* <br />Estimated Project Cost: <br />$73,000.00 <br />Total Taxes Tax Abated ** Tax Paid * ** <br />Assessed Value: <br />Net <br />Assessed <br />Value <br />Total <br />Taxes <br />Due <br />Tax <br />Abated <br />STRUCTURE (assume 85% of project cost) <br />62,050.00 <br />62,050.00 <br />62,050.00 <br />LAND (assume $10,000) <br />10,000.00 <br />N/A <br />N/A <br />Gross Assessed Value <br />72,050.00 <br />62,050.00 <br />62,050.00 <br />Less Mortgage Exemption <br />(3,000.00) <br />(3,000.00) <br />(3,000.00) <br />Less Standard Homeowners Deduction <br />(34 525.00) <br />(34,525.00) <br />(34,525.00) <br />_ <br />Base Assessed Value <br />34,525.00 <br />24,525.00 <br />24,525.00 <br />Less Maximum Abatement Deduction <br />N/A <br />N/A <br />(24,525.00) <br />Less Non - Abated Amount <br />NIA <br />0.00 <br />NIA <br />Plus Land Assessed Value <br />N/A <br />N/A <br />10,000.00 <br />Net Assessed Value <br />34,525.00 <br />24,525.00 <br />10,000.00 <br />Property Taxes: <br />Assume constant tax rate of <br />5.1524% <br />5.1524% <br />5.1524% <br />Gross Tax (tax rate x net assessed value) <br />1,778.87 <br />1,263.63 <br />515.24 <br />Less SRTC: 21.6906% <br />(385.85) <br />(274.09) <br />(111.76) <br />Less Homestead Credit: 32.0670% <br />(446.70) <br />(317.32) <br />(129.38) <br />Net Tax <br />946.32 <br />672.22 <br />274.10 <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 />34,525.00 <br />946.32 <br />672.22 <br />274.10 <br />2 <br />34,525.00 <br />946.32 <br />672.22 <br />274.10 <br />3 <br />34,525.00 <br />946.32 <br />672.22 <br />274.10 <br />4 <br />34,525.00 <br />946.32 <br />672.22 <br />274.10 <br />5 <br />34,525.00 <br />946.32 <br />672.22 <br />274.10 <br />5 year totals: <br />4,731.60 <br />3,361.09 <br />1,370.51 <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 />