|
5 YEAR 13-Nov-13
<br /> Martinez Jerez
<br /> South Bend Portage Township
<br /> Residential Real Property Tax Abatement Schedule*
<br /> Estimated Project Cost: $55000000
<br /> Total Taxes Tax Abated" Tax Paid—
<br /> Assessed Value:
<br /> Structure(%AV of cost) 100.0% 550,000.00 550,000.00 550,000.00
<br /> Land Value 15,000 15,000.00 N/A N/A
<br /> Gross Assessed Value 565,000.00 550,000.00 550.000.00
<br /> Less Mortgage Exemption (3,000.00) (3,000.00) (3,000.00)
<br /> Less Homestead Deduction (45,000.00) (45,000.00) (45,000.00)
<br /> Less Supplemental Homestead Deduction (182,000.00) (182,000.00) (182,000.00)
<br /> Base Assessed Value 335,000.00 320,000.00 320,000.00
<br /> Less Maximum Abatement Deduction N/A N/A (74,880.00)
<br /> Less Non-Abated Amount N/A (245,120.00) N/A
<br /> Plus Land Assessed Value N/A N/A 15,000.00
<br /> Net Assessed Value 335.1 74,880.00 260.120.00
<br /> Property Taxes:
<br /> Assume constant tax rate of 5.0228% 50228% 50228%
<br /> Gross Tax(tax rate x net assessed value) 16,826.30 3,761.05 13,065.24
<br /> Less County COIT Homestead Credit: 7.3430% (1,235.55) (276.17) (959.38)
<br /> Tax Due Before Circuit Breaker 15,590.74 3.484.88 12,105.86
<br /> Less Circuit Breaker Credit (8,246.65) (3,106.21) (5.140.44)
<br /> Net Tax 7,344.10 378.67 6,965.43
<br /> Circuit Breaker Cap
<br /> Circuit Breaker 1.0000% 5,650.00 5,500.00 5,650.00
<br /> Debt Se,vice 0.5057% 1,694.10 378.67 1,315.43
<br /> Circuit Braker Cap 7,344.10 5878.67 6,965.43
<br /> Net Total
<br /> Assessed Taxes Tax Tax
<br /> Year Value Due Abated Paid
<br /> 1 335,000.00 7.344.10 378.67 6.965.43
<br /> 2 335,000.00 7.344.10 378.67 6,96543
<br /> 3 335.000.00 7,344.10 378.67 6.965.43
<br /> 4 335.000.00 7.34410 378.67 6,96543
<br /> 5 335,000.00 7,344.10 378.67 6.965.43
<br /> 5 year totals. 36,720.48 1,893.34 34,827.13
<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.
<br />
|