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5 YEAR 28-Apr-08
<br />COOREMAN REAL ESTATE GROUP, INC.
<br />The Villas At Blackthorn -Section II
<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 />$175,000.00
<br />Total Taxes Tax Abated** Tax Paid***
<br />148, 750.00 148, 750.00 148, 750.00
<br />10,000.00 N/A N/A
<br />158, 750.00 148, 750.00 148, 750.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(35,000.00) (35,000.00) (35,000.00)
<br />120,750.00 110,750.00 110,750.00
<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 (35,870.00) N/A
<br />N/A N/A 10,000.00
<br />120,750.00 74,880.00 45,870.00
<br />5.1376% 5.1376% 5.1376%
<br />Gross Tax (tax rate x net assessed value) 6,203.65 3,847.03 2,356.62
<br />Less SRTC: 21.7293% (1,348.01) (835.93) . (512.08)
<br />Less Homestead Credit: 32.1230% (1,559.78) (967.26) (592.52)
<br />Net Tax 3,295.86 2,043.84 1,252.02
<br />
<br />
<br />Year Net
<br />Assessed
<br />Value Total
<br />Taxes
<br />Due
<br />Tax
<br />Abated
<br />Tax
<br />Paid
<br />1 120,750.00 3,295.86 2,043.84 1,252.02
<br />2 120,750.00 3,295.86 2,043.84 1,252.02
<br />3 120,750.00 3,295.86 2,043.84 1,252.02
<br />4 120,750.00 3,295.86 2,043.84 1,252.02
<br />5 120,750.00 3,295.86 2,043.84 1,252.02
<br /> 5 year totals: 16,479.31 10,219.21 6,260.10
<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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