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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) 00
<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 />204,000.00 204,000.00 204,000.00
<br />10,000.00 N/A N/A
<br />214,000.00 204,000.00 204,000.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(45,000.00) (45,000.00) (45,000.00)
<br />(58,100.00) (58,100.00) (58,100.00)
<br />107,900.00 97,900.00 97,900.00
<br />N/A N/A (74,880.00)
<br />N/A (23,020.00) N/A
<br />N/A N/A 10,000.00
<br />107,900.00 74,880.00 33,020.00
<br />4.3592% 4.3592% 4.3592%
<br />Gross Tax (tax rate x net assessed value)
<br />4,703.58
<br />3,264.17
<br />1,439.41
<br />Less State & County Homestead Credit:
<br />0.4625%
<br />(499.04)
<br />(346.32)
<br />(152.72)
<br />Tax Due Before Circuit Breaker
<br />4,204.54
<br />2,917.85
<br />1,286.69
<br />Less Circuit Breaker Credit
<br />_ (1,425.88)
<br />(1,425.88)
<br />0.00
<br />Net Tax
<br />2,778.66
<br />1,491.97
<br />1,286.69
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />1.0000%
<br />2,140.00
<br />2,040.00
<br />2,140.00
<br />Debt Service
<br />0.5919%
<br />638.66
<br />443.21
<br />195.45
<br />Circuit Braker Cap
<br />2,778.66
<br />2,483.21
<br />2,335.45
<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 />107,900.00
<br />2,778.66
<br />1,491.97
<br />1,286.69
<br />2
<br />107,900.00
<br />2,778.66
<br />1,491.97
<br />1,286.69
<br />3
<br />107,900.00
<br />2,778.66
<br />1,491.97
<br />1,286.69
<br />4
<br />107,900.00
<br />2,778.66
<br />1,491.97
<br />1,286.69
<br />5
<br />107,900.00
<br />2,778.66
<br />1,491.97
<br />1,286.69
<br />5 year totals:
<br />13,893.30
<br />7,459.85
<br />6,433.45
<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 e afn .----
<br />maximum abated portion of $74,880 and adding back the land assessed value.
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