|
5 -
<br />Year
<br />Abatement
<br />Cross
<br />Communitv
<br />Inc.
<br />South
<br />Bend
<br />Portage
<br />Township
<br />Residential
<br />Real
<br />Property
<br />Tax
<br />Abatement
<br />Schedule
<br />March
<br />30.
<br />2023
<br />Type
<br />of
<br />Dwelling:
<br />Single -
<br />Family
<br />Home
<br />2
<br />homes -
<br />Estimated
<br />Project
<br />Cost:
<br />440,
<br />000
<br />New
<br />Construction
<br />Property
<br />Address:
<br />724 &
<br />726
<br />Harrison
<br />Avenue
<br />Tax
<br />Key
<br />Number:
<br />71-
<br />06-
<br />02-
<br />407-
<br />013,
<br />000-
<br />026;
<br />71-
<br />08-
<br />02-
<br />407-
<br />012,
<br />000-
<br />026
<br />Current
<br />Without
<br />2
<br />Prooertlesl,
<br />Abatement
<br />Year
<br />1
<br />Year
<br />2
<br />Year
<br />3
<br />Year
<br />4
<br />Year
<br />5
<br />Assessed
<br />Value (
<br />AV)
<br />Land
<br />6,
<br />000
<br />6,
<br />000
<br />6,
<br />000
<br />6,
<br />000
<br />6,
<br />000
<br />6,
<br />000 $
<br />6,
<br />000
<br />Structure (
<br />80%
<br />AV
<br />of
<br />Project
<br />Cost)
<br />352,
<br />000
<br />352,
<br />000
<br />352,
<br />000
<br />352,
<br />000
<br />352,
<br />000
<br />352,
<br />000
<br />Gross
<br />Assessed
<br />Value
<br />6,
<br />000
<br />358,
<br />000
<br />358,
<br />000
<br />358,
<br />000
<br />358,
<br />000
<br />358,
<br />000
<br />358,
<br />000
<br />Abatement
<br />100%
<br />100%
<br />95%
<br />95%
<br />90%
<br />Abatement
<br />Deduction
<br />164,
<br />300)
<br />164,
<br />300)
<br />156,
<br />065)
<br />156,
<br />085)
<br />147,
<br />870)
<br />Homestead
<br />Deduction ""
<br />96,
<br />000)
<br />96,
<br />000)
<br />96,
<br />000)
<br />96,
<br />000)
<br />96,
<br />000)
<br />96,
<br />000)
<br />Mortgage
<br />Deduction **
<br />Supplemental
<br />Homestead
<br />Deduction
<br />91,
<br />700)
<br />91,
<br />700)
<br />91,
<br />700)
<br />91,
<br />700)
<br />91,
<br />700)
<br />91,
<br />700)
<br />Net
<br />Assessed
<br />Value
<br />6,
<br />000
<br />170,
<br />300
<br />6,
<br />000
<br />6,
<br />000
<br />14,
<br />215
<br />14,
<br />215
<br />22,
<br />430
<br />Property
<br />Taxes
<br />Assume
<br />constant
<br />tax
<br />rate
<br />of
<br />5.
<br />2897%
<br />Gross
<br />Tax (
<br />Tax
<br />Rate
<br />x
<br />Net
<br />AV)
<br />317
<br />9,
<br />008
<br />317
<br />317
<br />752
<br />752
<br />1,
<br />186
<br />Circuit
<br />Breaker &
<br />Other
<br />Credits
<br />113)
<br />4,
<br />7481
<br />Taxes
<br />Due
<br />204
<br />4,
<br />261
<br />317
<br />S
<br />317
<br />752
<br />752
<br />5
<br />1,
<br />186
<br />3%
<br />1%
<br />1%
<br />1%
<br />1%
<br />1%
<br />1%
<br />Circuit
<br />Breaker
<br />Cap
<br />180
<br />3,
<br />580
<br />3,
<br />580
<br />3,
<br />580
<br />3,
<br />580
<br />3,
<br />580
<br />3,
<br />580
<br />Debt
<br />Service (
<br />0.
<br />3997%
<br />of
<br />Net
<br />AV)
<br />24
<br />681
<br />24
<br />24
<br />57
<br />57
<br />90
<br />Max
<br />Tax
<br />Under
<br />the
<br />Cap
<br />204
<br />4,
<br />261
<br />3,
<br />604
<br />3,
<br />604
<br />3,
<br />637
<br />3,
<br />637
<br />3,
<br />670
<br />Current
<br />Taxes
<br />New
<br />Combined
<br />Net
<br />Taxes
<br />Year
<br />Abatement
<br />Due
<br />Projected
<br />Tax
<br />Current &
<br />Taxes
<br />Abated
<br />Paid
<br />New
<br />Taxes
<br />1
<br />100%
<br />204
<br />4,
<br />057
<br />4.
<br />261
<br />3.
<br />943)
<br />317
<br />2
<br />100%
<br />204
<br />4.
<br />057
<br />4.
<br />261
<br />3,
<br />943)
<br />317
<br />3
<br />95%
<br />204
<br />4,
<br />057
<br />4,
<br />261
<br />3,
<br />509)
<br />752
<br />4
<br />95%
<br />204
<br />4,
<br />057
<br />4.
<br />261
<br />3.
<br />509)
<br />752
<br />5
<br />90%
<br />204
<br />4,
<br />057
<br />4,
<br />261
<br />3,
<br />074)
<br />1,
<br />186
<br />Total.
<br />1.
<br />020
<br />20,
<br />284
<br />21.
<br />303
<br />17.
<br />978)
<br />3,
<br />325
<br />This
<br />schedule
<br />is
<br />for
<br />estimation
<br />purposes
<br />only
<br />and
<br />assumes
<br />constant
<br />tax
<br />rates
<br />equal
<br />to
<br />those
<br />for
<br />2022
<br />Payable
<br />2023.
<br />l `
<br />i
<br />Department
<br />of
<br />Community
<br />Investment
<br />The
<br />true
<br />tax
<br />values
<br />will
<br />ultimately
<br />be
<br />determined
<br />by
<br />the
<br />actual
<br />assessed
<br />valuation
<br />and
<br />the
<br />then
<br />current
<br />tax
<br />rates.
<br />I=
<br />City
<br />of
<br />South
<br />Bend
<br />Changes
<br />to
<br />homestead
<br />and
<br />mortgage
<br />deductions
<br />took
<br />affect
<br />for
<br />tax
<br />year
<br />2023
|