|
IS YEAR
<br />B-AP7 =14
<br />se
<br />South Bend Poltega Township
<br />Residential Rest Property Tex Abatement
<br />Schad ta•
<br />Estimated Project Cost:
<br />$33960000
<br />Assessed Value •
<br />ax
<br />Tax Aba_ led"
<br />T� Paid,••
<br />Structure ( %AV of cost) 100.0%
<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 />330,000.00
<br />Less Homestead Deduction
<br />(3000.00)
<br />,
<br />(3,000.00 )
<br />(3,000.00)
<br />Less Supplemental Homestead Deduction
<br />(45,000.00)
<br />(45,000.00)
<br />(45'000.00)
<br />Base Assessed Value
<br />103,250.001
<br />(10325000)
<br />188,750.00
<br />176,760.00
<br />178,750.00
<br />Less Maximum Abatement Deduction
<br />Less Non - Abated Amount
<br />WA
<br />WA
<br />(74,880,00)
<br />Plus Land Assessed Value
<br />WA
<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 />113,870.00
<br />Prooertv Taxes-
<br />Assume constant fax rate or
<br />5.0228%
<br />5.0228%
<br />5.0228%
<br />Gross Tax (lax rate x net assessed value)
<br />Less County COIT Homestead Credit:
<br />> 9.486'49
<br />7.3430/,
<br />3,761.05
<br />5,719.43
<br />Tax Due Before Circuit Breaker
<br />(69615)
<br />(27617)
<br />.,o.ae
<br />Less Circuit Breaker Credit
<br />8,784.34
<br />3,484.88
<br />5,299.46
<br />Net Tax
<br />(4429.83)
<br />(3106211
<br />3 62)
<br />4,354.51
<br />378.67
<br />3,975.84
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />Debt Service
<br />1.0000% 3'400.00
<br />3,300.00
<br />Circuit Broker Cap
<br />0.5057% 954.51
<br />378.67
<br />3,400.00
<br />4,354.51
<br />3,678.67
<br />575.84
<br />3,975.84
<br />Net Total
<br />Year
<br />Assessed Taxes
<br />Tax
<br />1
<br />Value Due
<br />Abated
<br />Tax
<br />188,750.00 4,354.51
<br />378.67
<br />Paid
<br />2
<br />188,750.00 4,354.51
<br />378.67
<br />3,975.84
<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 />168,750.00 4,354.51
<br />378.67
<br />3,975.84
<br />S Year totals: 21,772.54
<br />1,893.34
<br />3,975.84
<br />19,879.20
<br />'This schedule is for estimation purposes only and assumes
<br />constant tax rates.
<br />The true tax values
<br />will ultimately be determined by the actual assessed valuation and the then
<br />current lax rates.
<br />'Tax Abated is capped at $74,880 of assessed value of structures
<br />assessed value.
<br />only and does not 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 />
|