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5 YEAR
<br />23-Oct•08
<br />First Federal Savings Bank
<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°k
<br />LAND Value ~ ...10,000
<br />Gross Assessed Value
<br />Less Mortgage Exemption
<br />Less Homestead Deduction
<br />Less Supplemental Homestead Deduction
<br />Base Assessed Value
<br />! $215,000.00
<br />Total Taxes Tax Abated** Tax Paid***
<br />182,750.00 182,750.00 182,750.00
<br />10,000.00. N/A NIA
<br />192,750.00 182,750.00 182,750.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(45,000.00) (45,000.00) (45,000.00)
<br />(50,662.50) (50,662.50) (50,662.50)
<br />94,087.50 84,087.50 84,087.50
<br />Less Maximum Abatement Deduction
<br />Less Non-Abated Amount
<br />Plus Land Assessed Value
<br />Net Assessed Value
<br />Prooerty Taxes:
<br />Assume constant tax rate of
<br />N/A N/A (74,880.00)
<br />N/A (9,207.50) N/A
<br />N/A N/A 10,000.00
<br />94,087.50 74,880.00 19,207.50
<br />4.3356% 4.3356% 4.3356%
<br />Gross Tax (tax rate x net assessed value) 4,079.26 3,246.50 832.76
<br />Less State & County Homestead Credit: 0.4602% (432.99) (344.60) (88.39)
<br />Tax Due Before Circuit Breaker 3,646.27 2,901.90 744.37
<br />Less Circuit Breaker Credit (1,161.86) (1,161.86) 0.00
<br />Net Tax 2,484.40 1,740.04 744.37
<br />Circuit Breaker Cap
<br />Circuit Breaker 1.0000% 1,927.50 1,827.50 1,927.50
<br />Debt Service 0.5919% 556.90 443.21 113.69
<br />Circuit Braker Cap 2,484.4b 2,270.71 2,041.19
<br /> Net Total
<br /> Assessed Taxes Tax Tax
<br />Year Value Due Abated Paid
<br />1 94,087.50 2,484.40 1,740.04 744.37
<br />2 94,087.50 2,484.40 1,740.04 744.37
<br />3 94,087.50 2,484.40 1,740.04 744.37
<br />4 94,087.50 2,484.40 1,740.04 744.37
<br />5 94,087.50 2,484.40 1,740.04 744.37
<br /> 5 year totals: 12,422.02 8,700.18 3,721.84
<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 />maximam abated portion of $74,880 and adding back the land assessed value.
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