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5 YEAR
<br />13- Oct -08
<br />Kendall - Weiss LLP (Lafayette Falls - Phase IV)
<br />South Bend Centre Township Residential Real Property Tax Abatement Schedule*
<br />Estimated Project Cost:
<br />Assessed Value: _
<br />STRUCTURE (% AV of cost) 85.0%
<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 />� 011I iI
<br />Total Taxes Tax Abated ** Tax Paid * **
<br />127,500.00 127,500.00 127,500-00
<br />10,000.00 N/A N/A
<br />137,500-00
<br />127,500.00
<br />127,500-00
<br />(3,000.00)
<br />(3,000.00)
<br />(3,000.00)
<br />(45,000.00)
<br />(45,000.00)
<br />(45,000.00)
<br />(31325.00)
<br />(31,325.00)
<br />(31,325.00)
<br />58,175.00
<br />48,175.00
<br />48,175.00
<br />N/A NIA (48,175.00)
<br />N/A 0.00 N/A
<br />N/A N/A 10,000.00
<br />58,175.00 48,175.00 10,000.00
<br />4.3356% 4.3356% 4.3356%
<br />Gross Tax (tax rate x net assessed value)
<br />2,522.24
<br />2,088.68
<br />433.56
<br />Less State & County Homestead Credit:
<br />0.4602%
<br />(267.72)
<br />(221.70)
<br />(46.02)
<br />Tax Due Before Circuit Breaker
<br />2,254.51
<br />1,866.97
<br />387.54
<br />Less Circuit Breaker Credit
<br />(535.18)
<br />(535.18)
<br />0.00
<br />Net Tax
<br />1,719.34
<br />1,331.80
<br />387.54
<br />Circuit Breaker Cap.
<br />Circuit Breaker
<br />1.0000 %
<br />1,375.00
<br />1,275.00
<br />1,375.00
<br />Debt Service
<br />0.5919%
<br />344.34
<br />285.15
<br />59.19
<br />Circuit Braker Cap
<br />1,719.34
<br />1,560.15
<br />1,434.19
<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 />58,175.00
<br />1,719.34
<br />1,331.80
<br />387.54
<br />2
<br />58,175.00
<br />1,719.34
<br />1,331.80
<br />387.54
<br />3
<br />58,175.00
<br />1,719.34
<br />1,331.80
<br />387.54
<br />4
<br />58,175.00
<br />1,719.34
<br />1,331.80
<br />387.54
<br />5
<br />58,175.00
<br />1,719.34
<br />1,331.80
<br />387.54
<br />5 year totals:
<br />8,596.69
<br />6,658.99
<br />1,937.70
<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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