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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% Y1
<br />Gross Tax(Tax Rate x Net AV) 317 9,008 317 317 752 752 1,186
<br />0
<br />Circuit Breaker&Other Credits 113) (4,748) d
<br />Taxes Due 204 $ 4,261 $ 317 $ 317 $ 752 $ 752 $ 1,186
<br />CD W ? 5'
<br />3% 1% 1% 1% 1% 1% 1% 0
<br />Circuit Breaker Cap 180 3,580 3,580 3,580 3,580 3,580 3,580 0 W
<br />N..., (
<br />D
<br />Debt Service(0.3997%of Net AV) 24 681 24 24 57 57 90 C__I o -
<br />Max Tax Under the Cap 204 4,261 3,604 3,604 3,637 3,637 3,670 E, N
<br />7,
<br />CJO .c
<br />Current Taxes New
<br />Combined
<br />Net Taxes CYearAbatement
<br />Due Projected Tax NewrentTaxes
<br />Taxes Abated
<br />Paid
<br />Z
<br />1 100% $ 204 S 4,057 $ 4,261 $ (3,943) $ 317 Ci.
<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. 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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