Laserfiche WebLink
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 />STRUCTURE (assume 85% of project cost) 62,050.00 62,050.00 62,050.00 <br />LAND (assume $10,000) 10,000.00 N/A N/A <br />Gross Assessed Value 72,050.00 62,050.00 62,050.00 <br />Less Mortgage Exemption (3,000.00) (3,000.00) (3,000.00) <br />Less Standard Homeowners Deduction (34,525.00) (34,525.00) (34,525.00) <br />Base Assessed Value 34,525.00 24,525.00 24,525.00 <br />Less Maximum Abatement Deduction N/A N/A (24,525.00) <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 34,525.00 24,525.00 10,000.00 <br />Property Taxes: <br />Assume constant tax rate of <br />5.1524% 5.1524% 5.1524% <br />Gross Tax (tax rate x net assessed value) 1,778.87 1,263.63 515.24 <br />Less SRTC: 21.6906% (385.85) (274.09) (111.76) <br />Less Homestead Credit: 32.0670% (446.70) (317.32) (129.38) <br />Net Tax 946.32 672.22 274.10 <br /> <br /> <br />Year Net <br />Assessed <br />Value Total <br />Taxes <br />Due <br />Tax <br />Abated <br />Tax <br />Paid <br />1 34,525.00 946.32 672.22 274.10 <br />2 34,525.00 946.32 672.22 274.10 <br />3 34,525.00 946.32 672.22 274.10 <br />4 34,525.00 946.32 672.22 274.10 <br />5 34,525.00 946.32 672.22 274.10 <br /> 5 year totals: 4,731.60 3,361.09 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 />