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5 YEAR
<br />8-Jul-08
<br />RICHARD S. $< MICKI L. KIDDER
<br />South Bend Portage Township Residential Real Property Tax Abatement Schedule`
<br />Estimated Project Cost:
<br />Assessed Value:
<br />STRUCTURE (% AV of cost) 85.0°l~
<br />LAND Value X0,000 _
<br />Gross Assessed Value
<br />Less Mortgage Exemption
<br />Less Homestead Deduction
<br />Less Supplemental Homestead Deduction
<br />Base Assessed Value
<br />~~O.~Q
<br />Total Taxes Tax Abated** Tax Paid***
<br />352,750.00 352,750.00 352,750.00
<br />10,000.00 N/A N/A
<br />362,750.00 352,750.00 352,750.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(45,000.00) (45,000.00) (45,000.00)
<br />(110,162.50) (110,162.50) (110,162.50)
<br />204 , 587.50 194, 587.50 194, 587.50
<br />Less Maximum Abatement Deduction
<br />Less Non-Abated Amount
<br />Plus Land Assessed Value
<br />Net Assessed Value
<br />Property Taxes:
<br />Assume constant tax rate of
<br />N/A N/A (74,880.00)
<br />NIA (119,707.50) N/A .
<br />N/A N/A 10,000.00
<br />204,587.50 74,880.00 129,707.50
<br />4.3592% 4.3592% 4.3592%
<br />Gross Tax (tax rate x net assessed value) 8,918.38 3,264.17 5,654.21
<br />Less State & County Homestead Credit: 0.4625% (946.22) (346.32) (599.90)
<br />Tax Due Before Circuit Breaker 7,972.16 2,917.85 5,054.31
<br />Less Circuit Breaker Credit {3,133.71 } (2,474.63) (659.07)
<br />Net Tax 4,838.45 443.21 4,395.24
<br />Circuit Breaker Cap
<br />Circuit Breaker 1.0000% 3,627.50 3,527.50 3,627.50
<br />Debt Service 0.5919% 1,210.95 443.21 767.74
<br />Circuit Braker Cap 4,838.45 3,970.71 4,395.24
<br /> Net Total
<br /> Assessed Taxes Tax Tax
<br />Year Value Due Abated Paid
<br />1 204,587.50 4,838.45 443.21 4,395.24
<br />2 204,587.50 4,838.45 443.21 4,395.24
<br />3 204,587.50 4,838.45 443.21 4,395.24
<br />4 204,587.50 4,838.45 443.21 4,395.24
<br />5 204,587.50 4,838.45 443.21 4,395.24
<br /> 5yeartotals: 24,192.27 2,216.07 21,976.19
<br />'This schedule is for estimation purposes only and assumes constant tax rates. The true tax values
<br />will ultimately be determined by the actual assessed valuation and the then current tax rates.
<br />"Tax Abated is capped at $74,880 of assessed value of structures only and does not include land
<br />assessed value.
<br />"'Tax Paid is calculated using the difference between actual assessed value of structure and
<br />maximum abated portion of $74,880 and adding back the land assessed value.
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