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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
<br />Combined
<br />Net Taxes
<br />Year Abatement
<br />Due Projected Tax NewrentTaxes
<br />Taxes Abated
<br />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
<br />N
<br />Total: 731 12,522 13,253 7,633)5,620 CO a
<br />p rya C!)
<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)
<br />CO
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