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5 YEAR
<br />23-Oct-08
<br />TAMPICO DEVELOPMENTS, LLC
<br />South Bend Penn Township Residential Real Property Tax Abatement Schedule*
<br />Estimated Project Cost:
<br />Assessed Value:
<br />_..
<br />STRUCTURE (% AV of cost); 85.0%
<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 />_ .._ ..
<br />¢ $163.0.00,
<br />Total Taxes Tax Abated** Tax Paid***
<br />138,550.00 138,550.00 138,550.00
<br />10,000.00 N/A N/A
<br />148,550.00 138,550.00 138,550.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(45,000.00) (45,000.00) (45,000.00)
<br />(35,192.50) (35,192.50) (35,192.50)
<br />65,357.50 55,357.50 55,357.50
<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 />N/A N/A (55,357.50)
<br />N/A 0.00 N/A
<br />N/A N/A 10,000.00
<br />65,357.50 55,357.50 10,000.00
<br />4.4984% 4.4984% 4.4984%
<br />Gross Tax (tax rate x net assessed value) 2,940.04 2,490.20 449.84
<br />Less State & County Homestead Credit: 0.4538% (296.59) (251.21) (45.38)
<br />Tax Due Before Circuit Breaker 2,643.45 2,238.99 404.46
<br />Less Circuit Breaker Credit (581.82) (581.82) 0.00
<br />Net Tax 2,061.63 1,657.17 404.46
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />Debt Service
<br />Circuit Braker Cap
<br />1.0000% 1,485.50 1,385.50 1,485.50
<br />0.8815% 576.13 487.98 88.15
<br />2,061.63 1,873.48 1,573.65
<br />Net Total
<br />Assessed Taxes Tax Tax
<br />Year Value Due Abated Paid
<br />1 65,357.50 2,061.63 1,657.17 404.46
<br />2 65,357.50 2,061.63 1,657.17 404.46
<br />3 65,357.50 2,061.63 1,657.17 404.46
<br />4 65,357.50 2,061.63 1,657.17 404.46
<br />5 65,357.50 2,061.63 1,657.17 404.46
<br /> 5 year totals: 10,308.13 8,285.83 2,022.30
<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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