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5 YEAR 8-Oct-12
<br /> DAVID W. MURPHY
<br /> South Bend Portage Township Residential Real Property Tax Abatement Schedule*
<br /> Estimated Project Cost:
<br /> Total Taxes Tax Abated** Tax Paid***
<br /> Assessed Value:
<br /> STRUCTURE(%AV of cost) 382,500.00 382,500.00 382,500.00
<br /> LAND Value 10,000.00 N/A N/A
<br /> Gross Assessed Value 392,500.00 382,500.00 382,500.00
<br /> Less Mortgage Exemption (3,000.00) (3,000.00) (3,000.00)
<br /> Less Homestead Deduction (45,000.00) (45,000.00) (45,000.00)
<br /> Less Supplemental Homestead Deduction (121,625.00) (121,625.00) (121,625.00)
<br /> Base Assessed Value 222,875.00 212,875.00 212,875.00
<br /> Less Maximum Abatement Deduction N/A N/A (74,880.00)
<br /> Less Non-Abated Amount N/A (137,995.00) N/A
<br /> Plus Land Assessed Value N/A N/A 10,000.00
<br /> Net Assessed Value 222,875.00 74,880.00 147,995.00
<br /> Property Taxes:
<br /> Assume constant tax rate of 4.4598% 4.4598% 4.4598%
<br /> Gross Tax(tax rate x net assessed value) 9,939.78 3,339.50 6,600.28
<br /> Less State&County Homestead Credit: 18.6246% (1,851.24) (621.97) (1,229.28)
<br /> Tax Due Before Circuit Breaker 8,088.54 2,717.53 5,371.01
<br /> Less Circuit Breaker Credit (3,036.46) (2,338.86) (697.59)
<br /> Net Tax 5,052.08 378.67 4,673.41
<br /> Circuit Breaker Cap
<br /> Circuit Breaker 1.0000% 3,925.00 3,825.00 3,925.00
<br /> Debt Service 0.5057% _ 1,127.08 378.67 748.41
<br /> Circuit Braker Cap 5,052.08 4,203.67 4,673.41
<br /> Net Total
<br /> Assessed Taxes Tax Tax
<br /> Year Value Due Abated Paid
<br /> 1 222,875.00 5,052.08 378.67 4,673.41
<br /> 2 222,875.00 5,052.08 378.67 4,673.41
<br /> 3 222,875.00 5,052.08 378.67 4,673.41
<br /> 4 222,875.00 5,052.08 378.67 4,673.41
<br /> 5 222,875.00 5,052.08 378.67 4,673.41
<br /> 5 year totals: 25,260.39 1,893.34 23,367.05
<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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