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5 YEAR
<br />17. Oct -13
<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 />_ Cooreman
<br />South Bend Portage Township
<br />Residential Real Property Tax Abatement Schedule'
<br />Estimated Project Cost:
<br />250 000.00
<br />Assessed Value:
<br />Total Taxes
<br />Tax Abated"
<br />Tax Paid* '
<br />Structure (% AV of cost) 100.0%
<br />Land Value
<br />250,000.00
<br />250,000.00
<br />250,000.00
<br />15,000
<br />Gross Assessed Value
<br />15,000.00
<br />N/
<br />N/A
<br />Less Mortgage Exemption
<br />265,000.00
<br />250,000.00 0
<br />250,000.00
<br />Less Homestead Deduction
<br />(3,000.00)
<br />(3,000.00)
<br />(3,000.00)
<br />Less Supplemental Homestead Deduction
<br />(45,000.00)
<br />(45,000.00 )
<br />(45,000.00)
<br />Base Assessed Value
<br />(77000.00)
<br />(7700000)
<br />(7700000)
<br />140,000.00
<br />125,000.00
<br />125,000.00
<br />Less Maximum Abatement Deduction
<br />Less Non - Abated Amount
<br />N/A
<br />N/A
<br />(74,880:00)
<br />Plus Land Assessed Value
<br />N/A
<br />(50,120.00)
<br />NIA
<br />Net Assessed Value
<br />N/A
<br />N
<br />15,00000
<br />140,000.00
<br />74,880.00 0
<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 (tax rate x net assessed value)
<br />7,031.89
<br />Less County COIT Homestead Credit:
<br />7.3430%
<br />3,761.05
<br />3,270.83
<br />Tax Due Before Circuit Breaker
<br />(516.35)
<br />(27617)
<br />(24018)
<br />Less Circuit Breaker Credit
<br />6,515.53
<br />3,484.88
<br />3,030.65
<br />Net Tax
<br />(3157.55)
<br />(310621)
<br />(5134)
<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 />37867
<br />Circuit Braker Cap
<br />32931
<br />3,357.98
<br />2.878.67
<br />2 979 31
<br />Net
<br />Total
<br />Assessed
<br />Taxes
<br />Tax
<br />Tax ryyjgr£�t7
<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 i�I4oLI,/4
<br />IgS /3r,ol
<br />2
<br />3
<br />140,000.00
<br />3,357.98
<br />378.67
<br />2,979.31 veoj
<br />140,000.00
<br />3,357.98
<br />378.67
<br />2,979.31
<br />year
<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 />5year totals:
<br />16,789.90
<br />1,893.34
<br />14,896.56
<br />�Ilt
<br />7�ZVf�V
<br />`py5�[pj
<br />'This schedule is for estimation purposes only and assumes constant lax rates.
<br />The true tax values
<br />will ultimately be determined by the actual assessed
<br />valuation and the then
<br />current tax rates.
<br />"Tax Abated is capped at $74,880 of assessed value
<br />of structures only and
<br />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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