5-Year Abatement May 2,2024
<br /> Cross Community Inc.
<br /> South Bend Portage Township
<br /> Residential Real Property Tax Abatement Schedule*
<br /> Type of Dwelling: Single-Family Home
<br /> Estimated Project Cost: $ 270,000 New Construction
<br /> Property Address: 728 Harrison Avenue
<br /> Tax Key Number: 71-08-02-407-012.000-026
<br /> Current Without
<br /> (1 Property) Abatement Year 1 Year 2 Year 3 Year 4 Year 5
<br /> Assessed Value(AV)
<br /> Land $ 4,300 $ 4,300 $ 4,300 $ 4,300 $ 4,300 $ 4,300 $ 4,300
<br /> Structure(80%AV of Project Cost) - 216,000 216,000 216,000 216,000 216,000 216,000
<br /> Gross Assessed Value 4,300 220,300 220,300 220,300 220,300 220,300 220,300
<br /> Abatement 100% 100% 80% 80% 60%
<br /> Abatement Deduction - (107,695) (107,695) (86,156) (86,156) (64,617)
<br /> Homestead Deduction** - (48,000) (48,000) (48,000) (48,000) (48,000) (48,000)
<br /> Mortgage Deduction** - - - - - - -
<br /> Supplemental Homestead Deduction - (60,305) (60,305) (60,305) (60,305) (60,305) (60,305)
<br /> Net Assessed Value 4,300 111,995 4,300 4,300 25,839 25,839 47,378
<br /> Property Taxes
<br /> Assume constant tax rate of 5.3548%
<br /> Gross Tax(Tax Rate x Net AV) 230 5,997 230 230 1,384 1,384 2,537
<br /> Circuit Breaker&Other Credits (84) (3.346) - - - - (145)
<br /> Taxes Due $ 146 S 2,651 $ 230 $ 230 $ 1,384 $ 1,384 $ 2,392
<br /> 3% 1% 1% 1% 1% 1% 1%
<br /> Circuit Breaker Cap 129 2,203 2,203 2,203 2,203 2,203 2,203
<br /> Debt Service(0.3997%of Net AV) 17 448 17 17 103 103 189
<br /> Max Tax Under the Cap 146 2,651 2,220 2,220 2,306 2,306 2,392
<br /> Current Taxes New Combined Net Taxes -•
<br /> Year Abatement Due Projected Tax Newrent Taxes Taxes Abated Paid CD
<br /> 1 100% $ 146 $ 2,504 $ 2,651 $ (2,420) $ 230
<br /> a
<br /> 2 100% 146 2,504 2,651 (2,420) 230 -T m _
<br /> 3 80% 146 2,504 2,651 (1,267) 1,384 () O n
<br /> 4 80% 146 2,504 2,651 (1,267) 1,384 c' Co (ID
<br /> 5 60% 146 2,504 2,651 (258) 2,392 N
<br /> Total: 731 12,522 13,253 (7,633) 5,620 CO a
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<br /> `This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2023 Payable 2024. , T Department of Community Investment C
<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. z C)
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