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5 YEAR 6-Mar-08
<br />Deanna Boykins
<br />South Bend German Township Residential Real Property Tax Abatement Schedule''
<br />Estimated Project Cost:
<br />$116,190.00
<br />Total Taxes Tax Abated** Tax Paid"*'`
<br />Assessed Value:
<br />STRUCTURE (assume 85°!0 of project cost) 98,761.50 98,761.50 98,761.50
<br />LAND (assume $10,000) 10,000.00 N/A N/A
<br />Gross Assessed Value 108,761.50 98,761.50 98,761.50
<br />Less Mortgage Exemption (3,000.00) (3,000.00) (3,000.00)
<br />Less Standard Homeowners Deduction (35,000.00) (35,000.00) (35,000.00)
<br />Base Assessed Value 70,761.50 60,761.50 60,761.50
<br />Less Maximum Abatement Deduction N/A N/A (60,761.50)
<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 70,761.50 60,761.50 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) 3,635.44 3,121.68 513.76
<br />Less SRTC: 21.7293% (789.96) (678.32) (111.64)
<br />Less Homestead Credit: 32.1230% (914.06) (784.88) (129.17)
<br />Net Tax 1,931.43 1,658.48 272.95
<br />
<br />
<br />Year Net
<br />Assessed
<br />Value Total
<br />Taxes
<br />Due
<br />Tax
<br />Abated
<br />Tax
<br />Paid
<br />1 70,761.50 1,931.43 1,658.48 272.95
<br />2 70,761.50 1,931.43 1,658.48 272.95
<br />3 70,761.50 1,931.43 1,658.48 272.95
<br />4 70,761.50 1,931.43 1,658.48 272.95
<br />5 70,761.50 1,931.43 1,658.48 272.95
<br /> 5 year totals: 9,657.13 8,292.41 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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