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FS YEAR 1-Nov-13 <br /> Death <br /> South Bend Portage Township <br /> Residential Real Property Tax Abatement Schedule' <br /> Estimated Project Cost: $316,00000 <br /> Total Taxes Tax Abated" Tax Paid— <br /> Assessed Value' <br /> Structure(%AV of cost) 100.0% 316,000.00 316,000.00 316,000.00 <br /> Land Value 15,000 15.000.00 N/A N/A <br /> Gross Assessed Value 331,000.00 316,01 316.000.00 <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 (100.100-00) (100.100.00) (100,100.00) <br /> Base Assessed Value 182900.00 16i,900.00 167,900.00 <br /> Less Maximum Abatement Deduction N/A N/A (74,880.00) <br /> Less Nom Abated Amount N/A (93.020.00) N/A <br /> Plus Land Assessed Value NIA N/A 15,000.00 <br /> Net Assessed Value 182.900.00 74 880.00 108,020.00 <br /> Property Taxes: <br /> Assume constant lax rate of 5.0228% 5 0228% 5.0228% <br /> Gross Tax(tax rate x net assessed value) 9.186.66 3361.05 5.425.60 <br /> Less County CDIT Homestead Credit: 7 3430% (674.58) (276.17) (398.40) <br /> Tax Due Before Circuit Breaker 8.512.08 3.484.88 5.027.20 <br /> Less Circuit Breaker Credit (4.277.15) (3.106.21) (1,170.94) <br /> Net Tax 4.234.93 378.67 3.856.26 <br /> Circuit Breaker Cap <br /> Circuit Breaker 1.0000% 3,310.00 3.160.00 3,310.00 <br /> Debt Service 0.5057% 924.93 378.67 546.26 <br /> Circuit Broker Cap 4.234.93 3.538.67 3,856.26 <br /> Net Total <br /> Assessed Taxes Tax Tax <br /> Year Value Due Abated Paid <br /> 1 182,900.00 4.234.93 378.67 3.856.26 <br /> 2 '•82.900.00 4.23493 378.67 3.856.26 <br /> 3 182 900.00 4.234.93 378.67 3.856.26 <br /> 4 182.900.00 4,234 93 37867 3.856 26 <br /> 5 182.900.00 4.234.93 378.67 3.856.26 <br /> 5 year totals: 21,174.63 1.89334 19.281.29 <br /> 'This schedule is for estimatlor 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 />