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5-Year Abatement March 30,2023
<br /> Cross Community Inc.
<br /> South Bend Portage Township
<br /> Residential Real Property Tax Abatement Schedule'
<br /> Type of Dwelling: Single-Family Home -2 homes-
<br /> Estimated Project Cost: $ 440,000 New Construction
<br /> Property Address: 724&726 Harrison Avenue
<br /> Tax Key Number: 71-08-02-407-013,000-026;71-08-02-407-012,000-026
<br /> Current Without
<br /> (2 Properties). Abatement Year 1 Year 2 Year 3 Year 4 Year 5
<br /> Assessed Value(AV)
<br /> Land $ 6,000 $ 6,000 $ 6,000 $ 6,000 $ 6,000 $ 6,000 $ 6,000
<br /> Structure(80%AV of Project Cost) - 352,000 352,000 352,000 352,000 352,000 352,000
<br /> Gross Assessed Value 6,000 358,000 358,000 358,000 358,000 358,000 358,000
<br /> Abatement 100% 100% 95% 95% 90%
<br /> Abatement Deduction - (164,300) (164,300) (156,085) (156,085) (147,870)
<br /> Homestead Deduction** - (96,000) (96,000) (96,000) (96,000) (96,000) (96,000)
<br /> Mortgage Deduction** - - - - - - -
<br /> Supplemental Homestead Deduction - (91,700) (91,700) (91,700) (91,700) (91,700) (91,700)
<br /> Net Assessed Value 6,000 170,300 6,000 6,000 14,215 14,215 22,430
<br /> Property Taxes
<br /> Assume constant tax rate of 5.2897%
<br /> Gross Tax(Tax Rate x Net AV) 317 9,008 317 317 752 752 1,186
<br /> Circuit Breaker&Other Credits (113) (4,748) - - - - -
<br /> Taxes Due $ 204 $ 4,261 $ 317 $ 317 $ 752 $ 752 $ 1,186
<br /> 3% 1% 1% 1% 1% 1% 1%
<br /> Circuit Breaker Cap 180 3,580 3,580 3,580 3,580 3,580 3,580
<br /> Debt Service(0.3997%of Net AV) 24 681 24 24 57 57 90
<br /> Max Tax Under the Cap 204 4,26/ 3,604 3,604 3,637 3,637 3,670
<br /> Combined
<br /> Year Abatement Current Taxes New Net Taxes
<br /> Current& Taxes Abated
<br /> Due Projected Tax Paid
<br /> New Taxes
<br /> 1 100% $ 204 $ 4,057 $ 4,261 $ (3,943) $ 317
<br /> 2 100% 204 4,057 4,261 (3,943) 317
<br /> 3 95% 204 4,057 4,261 (3,509) 752
<br /> 4 95% 204 4,057 4,261 (3,509) 752
<br /> 5 90% 204 4,057 4,261 (3,074) 1,186
<br /> Total: 1,020 20,284 21,303 (17,978) 3,325
<br /> "This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2022 Payable 2023. :.,.,moi y, Department of Community Investment
<br /> The true tax values will ultimately be determined by the actual assessed valuation and the then current tax rates. City of South Bend
<br /> ""Changes to homestead and mortgage deductions took affect for tax year 2023.
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