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5 YEAR
<br />19- Aug -08
<br />SB
<br />South Bend Portage Township Residential Real Property Tax Abatement Schedule*
<br />Estimated Project Cost:
<br />Assessed Value:
<br />STRUCTURE (% AV of cost)
<br />LAND Value
<br />Gross Assessed Value
<br />Less Mortgage Exemption
<br />Less Homestead Deduction
<br />Less Supplemental Homestead Deduction
<br />Base Assessed Value
<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 />Total Taxes Tax Abated ** Tax Paid * **
<br />136, 000.00 136, 000.00 136, 000.00
<br />10,000.00 N/A N/A
<br />146, 000.00 136, 000.00 136, 000.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(45,000.00) (45,000.00) (45,000.00)
<br />(34,300.00) (34,300.00) (34,300.00)
<br />63,700.00 53,700.00 53,700.00
<br />N/A
<br />N/A
<br />(53,700.00)
<br />N/A
<br />0.00
<br />N/A
<br />N/A
<br />N/A
<br />10,000.00
<br />63,700.00
<br />53,700.00
<br />10,000.00
<br />4.3592% 4.3592% 4.3592%
<br />Gross Tax (tax rate x net assessed value)
<br />2,776.81
<br />2,340.89
<br />435.92
<br />Less State & County Homestead Credit: 0.4625%
<br />(294.61)
<br />(248.36)
<br />(46.25)
<br />Tax Due Before Circuit Breaker
<br />2,482.20
<br />2,092.53
<br />389.67
<br />Less Circuit Breaker Credit
<br />(645.16)
<br />(645.16)
<br />0.00
<br />Net Tax
<br />1,837.04
<br />1,447.37
<br />389.67
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />1.0000%
<br />1,460.00
<br />1,360.00
<br />1,460.00
<br />Debt Service
<br />0.5919%
<br />377.04
<br />317.85
<br />59.19
<br />Circuit Braker Cap
<br />1,837.04
<br />1,677.85
<br />1,519.19
<br />Net
<br />Total
<br />Assessed
<br />Taxes
<br />Tax
<br />Tax
<br />Year
<br />Value
<br />Due
<br />Abated
<br />Paid
<br />1
<br />63,700.00
<br />1,837.04
<br />1,447.37
<br />389.67
<br />2
<br />63,700.00
<br />1,837.04
<br />1,447.37
<br />389.67
<br />3
<br />63,700.00
<br />1,837.04
<br />1,447.37
<br />389.67
<br />4
<br />63,700.00
<br />1,837.04
<br />1,447.37
<br />389.67
<br />5
<br />63,700.00
<br />1,837.04
<br />1,447.37
<br />389.67
<br />5 year totals:
<br />9,185.20
<br />7,236.85
<br />1,948.35
<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 struct re a�df, R �F �- ; <? 6' �' 8C9
<br />maximum abated portion of $74,880 and adding back the land assessed value. f; Ei
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