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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) 425,000.00 425,000.00 425,000.00
<br /> LAND Value 10,000.00 N/A N/A
<br /> Gross Assessed Value 435,000.00 425,000.00 425,000.00
<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 (136,500.00) (136,500.00) (136,500.00)
<br /> Base Assessed Value 250,500.00 240,500.00 240,500.00
<br /> Less Maximum Abatement Deduction N/A N/A (74,880.00)
<br /> Less Non-Abated Amount N/A (165,620.00) N/A
<br /> Plus Land Assessed Value N/A N/A 10,000.00
<br /> Net Assessed Value 250,500.00 74,880.00 175,620.00
<br /> Property Taxes:
<br /> Assume constant tax rate of 4.4598% 4.4598% 4.4598%
<br /> Gross Tax(tax rate x net assessed value) 11,171.80 3,339.50 7,832.30
<br /> Less State&County Homestead Credit: 18.6246% (2,080.70) (621.97) (1,458.73)
<br /> Tax Due Before Circuit Breaker 9,091.10 2,717.53 6,373.57
<br /> Less Circuit Breaker Credit (3,474.32) (2,338.86) (1,135.46)
<br /> Net Tax 5,616.78 378.67 5,238.11
<br /> Circuit Breaker Cap
<br /> Circuit Breaker 1.0000% 4,350.00 4,250.00 4,350.00
<br /> Debt Service 0.5057% 1,266.78 378.67 888.11
<br /> Circuit Braker Cap 5,616.78 4,628.67 5,238.11
<br /> Net Total
<br /> Assessed Taxes Tax Tax
<br /> Year Value Due Abated Paid
<br /> 1 250,500.00 5,616.78 378.67 5,238.11
<br /> 2 250,500.00 5,616.78 378.67 5,238.11
<br /> 3 250,500.00 5,616.78 378.67 5,238.11
<br /> 4 250,500.00 5,616.78 378.67 5,238.11
<br /> 5 250,500.00 5,616.78 378.67 5,238.11
<br /> 5 year totals: 28,083.89 1,893.34 26,190.55
<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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