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4 YEAR
<br />James F. and Sandra McCune
<br />South Bend Portage Township Real Property Tax Abatement Schedule*
<br />11-Jul-08
<br /> Tax Key Number 18-8001-0010
<br /> Current Assessed Value: 306,200
<br /> Estimated Project Cost: 203,500
<br /> Current Without 100% 75% 50% 25%
<br />Assessed Value: AV & Tax Abatement Year 1 Year 2 Year 3 Year 4
<br />Current Assessed Value 100% 306,200 306,200 306,200 306,200 306,200 306,200
<br />Base Assessed Value _
<br />~~~ _~~~~% y,~ ~ 172,975 172,975 172,975 172,975 172,975
<br />Less New Abatement Deduction 0 (172,975) (129,731) (86,488) (43,244)
<br />Net Assessed Value 306,200 479,175 306,200 349,444 392,688 435,931
<br />Property Taxes:
<br />Assume constant tax rate of 4.3015% 4.3015% 4.3015% 4.3015% 4.3015% 4.3015%
<br />Gross Tax (tax rate x net assessed value) 13,171 20,612 13,171 15,031 16,891 18,752
<br />Less Circuit Breaker Credit (2,308) (3,612) 0 0 (365) (1,989)
<br />Net Tax 10,863 17,000 13,171 15,031 16,526 16,763
<br />Circuit Breaker Cap
<br />Circuit Breaker 3.0000% 9,186 14,375 14,375 14,375 14,375 14,375
<br />Debt Service 0.5477% 1,677 2,624 1,677 1,914 2,151 2,388
<br />Circuit Braker Cap 10,863 17,000 16,052 16,289 16,526 16,763
<br />New Combined Net
<br />Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1 10,863 6,137 17,000 3,828 13,171
<br />2 10,863 6,137 17,000 1,968 15,031
<br />3 10,863 6,137 17,000 474 16,526
<br />4 10,863 6,137 17,000 237 16,763
<br />Totals 43,452 24,547 67,999 6,507 61,491
<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.
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