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5 YEAR
<br />13- Oct -08
<br />Kendall - Weiss (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)
<br />LAND Value A,10,000
<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 />[*$225.400,00 '':.
<br />Total Taxes Tax Abated ** Tax Paid * **
<br />191,250.00 191,250.00 191,250.00
<br />10,000.00 N/A N/A
<br />201,250.00
<br />191,250.00
<br />191,250.00
<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 />(53,637.50)
<br />(53,637.50)
<br />(53,637.50)
<br />99,612.50
<br />89,612.50
<br />89,612.50
<br />N/A NIA (74,880.00)
<br />N/A (14,732.50) NIA
<br />N/A NIA 10,000.00
<br />99,612.50 74,880.00 24,732.50
<br />4.3356% 4.3356% 4.3356%
<br />Gross Tax (tax rate x net assessed value)
<br />4,318.80
<br />3,246.50
<br />1,072.30
<br />Less State & County Homestead Credit: 0.4602%
<br />(458.42)
<br />(344.60)
<br />(113.82)
<br />Tax Due Before Circuit Breaker
<br />3,860.38
<br />2,901.90
<br />958.48
<br />Less Circuit Breaker Credit
<br />(1,258.28)
<br />(1,258.28)
<br />0.00
<br />Net Tax
<br />2,602.11
<br />1,643.62
<br />958.48
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />Debt Service
<br />Circuit Braker Cap
<br />1.0000%
<br />0.5919%
<br />2,012.50 1,912.50 2,012.50
<br />589.61 443.21 146.39
<br />2,602.11 2,355.71 2,158.89
<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.
<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 />99,612.50
<br />2,602.11
<br />1,643.62
<br />958.48
<br />2
<br />99,612.50
<br />2,602.11
<br />1,643.62
<br />958.48
<br />3
<br />99,612.50
<br />2,602.11
<br />1,643.62
<br />958.48
<br />4
<br />99,612.50
<br />2,602.11
<br />1,643.62
<br />958.48
<br />5
<br />99,612.50
<br />2,602.11
<br />1,643.62
<br />958.48
<br />5 year totals:
<br />13,010.53
<br />8,218.12
<br />4,792.42
<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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