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5 YEAR
<br />30~Ju1-08
<br />CLELAND BUILDERS, INC.
<br />South Bend German Township Residential Real Property Tax Abatement Schedu/e*
<br />Estimated Project Cost:
<br />Assessed Value:
<br />STRUCTURE (% AV of cost)'.. 85.0°i~
<br />LAND Value 10.000
<br />___.. _..
<br />Gross Assessed Value
<br />Less Mortgage Exemption
<br />Less Homestead Deduction
<br />Less Supplemental Homestead Deduction
<br />Base Assessed Value
<br />f$138,000.00
<br />Total Taxes Tax Abated** Tax Paid***
<br />128, 000.00 128, 000.00 128, 000.00
<br />10,000.00 N/A N/A
<br />138, 000.00 128, 000.00 128, 000.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(45,000.00) (45,000.00) (45,000.00)
<br />(31,500.00) (31,500.00) (31,500.00)
<br />58,500.00 48,500.00 48,500.00
<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 />N/A N/A (48,500.00)
<br />N/A 0.00 N/A
<br />N/A N/A 10,000.00
<br />58,500.00 48,500.00 10,000.00
<br />4.3404% 4.3404% 4.3404%
<br />Gross Tax (tax rate x net assessed value) 2,539.13 2,105.09 434.04
<br />Less State & County Homestead Credit: 0.4611% (269.74) (223.63) (46.11)
<br />Tax Due Before Circuit Breaker 2,269.39 1,881.46 387.93
<br />Less Circuit Breaker Credit (543.13) (543.13) 0.00
<br />Net Tax 1,726.26 1,338.33 387.93
<br />Circuit Breaker Cap
<br />Circuit Breaker 1.0000% 1,380.00 1,280.00 1,380.00
<br />Debt Service 0.5919% 346.26 287.07 59.19
<br />Circuit Braker Cap 1,726.26 1,567.07 1,439.19
<br /> Net Total
<br /> Assessed Taxes Tax Tax
<br />Year Value Due Abated Paid
<br />1 58,500.00 1,726.26 1,338.33 387.93
<br />2 58,500.00 1,726.26 1,338.33 387.93
<br />3 58,500.00 1,726.26 1,338.33 387.93
<br />4 58,500.00 1,726.26 1,338.33 387.93
<br />5 58,500.00 1,726.26 1,338.33 387.93
<br /> 5 year totals: 8,631.31 6,691.66 1,939.65
<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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