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5 YEAR
<br />19-Sep-08
<br />ROBERT J. & DEBORAH S. BERNHARD
<br />South Bend Portage Township Residential Rea! Property Tax Abatement Schedule`
<br />Estimated Project Cost:
<br />Assessed Value:
<br />STRUCTURE(%AVofcost)~ 850°I~
<br />LAND Value ;' ~ ~'~l,pi)"E}E~
<br />Gross Assessed Value
<br />Less Mortgage Exemption
<br />Less Homestead Deduction
<br />Less Supplemental Homestead Deduction
<br />Base Assessed Value
<br />$450:000.00'
<br />Total Taxes Tax Abated`" Tax Paid"'
<br />382,500.00 382,500.00 382,500.00
<br />10,000.00 N/A N/A
<br />392,500.00 382,500.00 382,500.00
<br />(3,000.00) (3,000.00) (3,000,00)
<br />(45,000.00) (45,000.00) (45,000.00)
<br />(120,575.00) (120,575-00) (120 575.00)
<br />223,925.00 213,925.00 213,925.00
<br />Less Maximum Abatement Deduction N/A N/A (74,880.00)
<br />Less Non-Abated Amount N/A (139,045.00) N/A
<br />Plus Land Assessed Value N/A N/A 10,000.00
<br />Net Assessed Value 223,925.00 74,880.00 149,045.00
<br />Property Taxes:
<br />Assume constant tax rate of 4.3592% 4.3592% 4.3592%
<br />Gross Tax (tax rate x net assessed value) 9,761.34 3,264.17 6,497.17
<br />Less State & County Homestead Credit: 0.4625% (1.035.65) (346-32) (689.33)
<br />Tax Due Before Circu~l Breaker 8,725.69 2,917.85 5,807.84
<br />Less Circuit Breaker Credit (3,47527) (2,474.63) (1,000.64)
<br />Net Tax 5,250.41 443.21 4,807.20
<br />Circuit Breaker Cap
<br />Circuit Breaker 1.0000°/ 3,925.00 3,825.00 3,925.00
<br />Debt Service 0.5919% 1,325.41 443.21 882.20
<br />Circuit Braker Cap 5,250.41 4,268.21 4.807.20
<br />
<br />
<br />Year Net
<br />Assessed
<br />Value Total
<br />Taxes
<br />Due
<br />Tax
<br />Abated
<br />Tax
<br />Paid
<br />1 223,925.00 5,250.41 443.21 4,807.20
<br />2 223,925.00 5,250.41 443.21 4,807.20
<br />3 223,925.00 5,250.41 443.21 4,807.20
<br />4 223,925.00 5,250.41 443.21 4,807.20
<br />5 223,925.00 5,250.41 443.21 4.807.20
<br /> 5 year totals: 26,252.06 2,216.07 24,035.99
<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 374,880 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 574,880 and adding back the land assessed value.
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