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5 YEAR
<br />Cooreman
<br />3-Oct-13
<br />South Bend Portage Township
<br />Residential Real Property Tax Abatement Schedule'
<br />Estimated Project Cost:
<br />Assessed Value:
<br />Structure (% AV of cost) 100.0%
<br />Land Value 10,000
<br />Gross Assessed Value
<br />Less Mortgage Exemption
<br />Less Homestead Deduction
<br />Less Supplemental Homestead Deduction
<br />Base Assessed Value
<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 />Gross Tax (tax rate x net assessed value)
<br />Less County COIT Homestead Credit:
<br />Tax Due Before Circuit Breaker
<br />Less Circuit Breaker Credit
<br />Net Tax
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />Debt Service
<br />Circuit Braker Cap
<br />$250.000.00
<br />Total Taxes Tax Abated- Tax Paid "'
<br />250,000.00
<br />250,000.00
<br />Total
<br />250,000.00
<br />10,000.00
<br />NIA
<br />N/A
<br />260,000.00
<br />250,000.00
<br />1
<br />250,000.00
<br />(3,000.00)
<br />(3,000.00)
<br />2,879.40
<br />(3,000.00)
<br />(45,000.00)
<br />(45,000.00)
<br />3.291.54
<br />(45,000.00)
<br />(75,250.00)
<br />(75,250.00)
<br />412.14
<br />(75250.00)
<br />136,750.00
<br />126,750.00
<br />5 year totals:
<br />126, 750.00
<br />N/A
<br />N/A
<br />(74,880.00)
<br />N/A
<br />(51,870.00)
<br />N/A
<br />N/A
<br />N/A
<br />10,000.00
<br />136,750.00
<br />74,880.00
<br />61,870.00
<br />5.0228%
<br />5.0228%
<br />5.0228%
<br />6.868.65
<br />3,761.05
<br />Total
<br />3,107.59
<br />Assessed
<br />7.3430% (504.36)
<br />(276.17)
<br />Value
<br />(228.19)
<br />1
<br />6,364.28
<br />3,484.88
<br />2
<br />2,879.40
<br />3,291.54
<br />(3,072.74)
<br />(3,072.74)
<br />3.291.54
<br />0.00
<br />136,750.00
<br />3,291.54
<br />412.14
<br />136,750.00
<br />2,879.40
<br />1.0000% 2,600.00 2,500.00 2,600.00
<br />0.5057% 691.54 378.67 312.88
<br />3,291.54 2,878.67 2,912.88
<br />X 51 hcrAcs
<br />Tax
<br />Net
<br />Total
<br />Paid
<br />Assessed
<br />Taxes
<br />Year
<br />Value
<br />Due
<br />1
<br />136,750.00
<br />3,291.54
<br />2
<br />136,750.00
<br />3,291.54
<br />3
<br />136,750.00
<br />3.291.54
<br />4
<br />136,750.00
<br />3,291.54
<br />5
<br />136,750.00
<br />3,291.54
<br />5 year totals:
<br />16,457.72
<br />X 51 hcrAcs
<br />Tax
<br />Tax
<br />Abated
<br />Paid
<br />412.14
<br />2,879.40
<br />412.14
<br />2,879.40
<br />412.14
<br />2,879.40
<br />412.14
<br />2,879.40
<br />412.14
<br />2,879.40
<br />2,060.72 14,397.00 `I h. oO
<br />i0stA 1 93Aip
<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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