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I 5 YEAR
<br />Koaclars
<br />&APr•14
<br />South Bend Portage Township
<br />.
<br />Residential
<br />Real Property TaxAbatemenf Scheo'u /e•
<br />Estimated Project Cost:
<br />SM 00D 06
<br />Assessed d Value•
<br />_Total Taxes
<br />Tax Abated-,
<br />Structure (% AV of cost) 100.0%
<br />p fd.
<br />Land Value 10,000
<br />330.000.00
<br />330,000.00
<br />330,000.00
<br />Gross Assessed Value
<br />10.000.00
<br />WA
<br />Less Mortgage Exemption
<br />340,000.00
<br />330,000.00
<br />WA
<br />Less Homestead Deduction
<br />(3000.00
<br />, )
<br />(3,000.00)
<br />330.000.00
<br />-
<br />Less Supplemental Homestead Deduction
<br />(45,000.00)
<br />(45.000.00)
<br />(3,000,00)
<br />(4`'`•000.00)
<br />Base Assessed Value
<br />103,250.00)
<br />(10325000)
<br />188,750.00
<br />178,760.00
<br />03,<50.uu
<br />Less Maximum Abatement Deduction
<br />178.750.00
<br />Less Non•AbatedAmount
<br />NIA
<br />NIA
<br />(74,880100)
<br />Plus Land Assessed Value
<br />(103,870.00)
<br />Net Assessed Value
<br />WA
<br />WA
<br />WA
<br />10,000.00
<br />188,750.00
<br />74,880.00
<br />PreOedy Texas-
<br />113,870.00
<br />Assume constant tax rate or
<br />5.0228%
<br />5.0228%
<br />5.0228%
<br />Gross lax (tax rate x net assessed value)
<br />Less County COIT Homestead Credit:
<br />9,480.49
<br />3,761.05
<br />Tax Due Before Circuit Breaker
<br />7.3430 " /, (696 15)
<br />(276 17)
<br />5,719.43
<br />Less Circuit Breaker Credit
<br />8,784,34
<br />3,484 88
<br />" "' °O
<br />Net Tax
<br />(4 d2983)
<br />(3 106 21)
<br />6,299.46
<br />4,354.51
<br />378.67
<br />'•'xs.o[
<br />3,975.84
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />1 0000%
<br />Debt Service
<br />3.400.09
<br />0,5057%
<br />3,300.00
<br />3.400.00
<br />Circuit Broker Cap
<br />954.51
<br />376.67
<br />4,354.51
<br />3,678.67
<br />575.84
<br />3,975.84
<br />Net Total
<br />Year
<br />Assessed Taxes
<br />Value
<br />Tax
<br />Tax
<br />1
<br />Due
<br />188.750.00 4,354,51
<br />Abated
<br />Paid
<br />2
<br />188,750.00 4,354.51
<br />378.67
<br />378.67
<br />3,976,84
<br />3
<br />188,750.00 4,354,51
<br />378.67
<br />3,975.84
<br />4
<br />188,760.00 4,354.51
<br />378.67
<br />3,975.84
<br />5
<br />188,750,00 4,354.61
<br />37867
<br />3.975.84
<br />5 year totals: 21,772.64
<br />.
<br />1,893.34
<br />3,975.64
<br />19,879.20
<br />'This schedule is for estimation purposes only and assumes
<br />constant lax rates. The Ims tax values
<br />will ultimalely be determined by the actual assessed valuation and the then
<br />current tax rates,
<br />"Tax Abated is capped at $74,880 of assessed value of structures only and does
<br />assessed value.
<br />nal Include land
<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 />
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