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Circuit Breaker Cap
<br />Circuit Breaker
<br />1.0000%
<br />2,650.00
<br />5 YEAR
<br />2,650.00
<br />Debt Service
<br />17- Oct -13
<br />0.5057%
<br />Cooreman
<br />378.67
<br />32931
<br />South
<br />Bend Portage Township
<br />3,357.98
<br />Residential Real Property Tax Abatement Schedule"
<br />2,979.31
<br />Estimated Project Cost:
<br />$260,000 00
<br />Total
<br />Total Taxes
<br />Tax Abated"
<br />Tax Paid —
<br />Assessed Value:
<br />Tax
<br />Tax
<br />Structure (% AV of cost) 100.0%
<br />250,000.00
<br />- 250,000.00
<br />250,000.00
<br />Land Value 15,000
<br />15,000.00
<br />N/A
<br />N/A
<br />Gross Assessed Value
<br />265,000.00
<br />250,000.00
<br />250,000.00
<br />Less Mortgage Exemption
<br />(3,000.00)
<br />(3,000.00)
<br />(3,000.00)
<br />Less Homestead Deduction
<br />(45,000.00)
<br />(45,000.00)
<br />(45,000.00)
<br />Less Supplemental Homestead Deduction
<br />(77,000.00)
<br />(77000.00)
<br />(7700000)
<br />Base Assessed Value
<br />140,000.00
<br />125,000.00
<br />125,000.00
<br />Less Maximum Abatement Deduction
<br />N/A
<br />N/A
<br />(74,880.00)
<br />Less Non - Abated Amount
<br />N/A
<br />(50,120.00)
<br />N/A
<br />Plus Land Assessed Value
<br />N/A
<br />N/A
<br />15,000 00
<br />Net Assessed Value
<br />140,000.00
<br />74,880.00
<br />65,120.00
<br />Property Taxes*
<br />Assume constant tax rate of
<br />5.0228%
<br />5.0228%
<br />5.0228
<br />Gross Tax (lax rate x net assessed value)
<br />7,031.89
<br />3,761.05
<br />3,270.83
<br />Less County COIT Homestead Credit:
<br />7.3430% (516.35)
<br />(276.17)
<br />(240.18)
<br />Tax Due Before Circuit Breaker
<br />6,515.53
<br />3,484.88
<br />3,030.65
<br />Less Circuit Breaker Credit
<br />_ (3,157.55)
<br />(3106.21)
<br />(5134)
<br />Net Tax _
<br />3.357.98
<br />378.67
<br />2,979 31
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />1.0000%
<br />2,650.00
<br />2,500.00
<br />2,650.00
<br />Debt Service
<br />0.5057%
<br />707.98
<br />378.67
<br />32931
<br />Circuit Baker Cap
<br />3,357.98
<br />2,878.67
<br />2,979.31
<br />Net
<br />Total
<br />Assessed
<br />Taxes
<br />Tax
<br />Tax
<br />Year
<br />Value
<br />Due
<br />Abated
<br />Paid
<br />1
<br />140,000.00
<br />3,357.98
<br />378.67
<br />2,979.31
<br />2
<br />140,000.00
<br />3,357.98
<br />378.67
<br />2,979.31
<br />3
<br />140,000.00
<br />3,357.98
<br />378.67
<br />2,979.31
<br />4
<br />140,000.00
<br />3,357.98
<br />378.67
<br />2,979.31
<br />5
<br />140,000.00
<br />3,357.98
<br />378.67
<br />2,979.31
<br />5 year totals:
<br />16,789.90
<br />1,893.34
<br />14,896.56
<br />'This schedule is for estimation purposes only and assumes constant tax rates. The true lax values
<br />will ultimately be determined by the actual assessed valuation and the then current lax 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.
<br />lJY Ca, l ryeV,
<br />15 V13ND 1) IS fit
<br />
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