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5 YEAR
<br />13-Oct-08
<br />Kendall -Weiss, LLP (Lafavette 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) 85.0%
<br />LAND Value _,_10000 ~,
<br />Gross Assessed Value
<br />Less Mortgage Exemption
<br />Less Homestead Deduction
<br />Less Supplemental Homestead Deduction
<br />Base Assessed Value
<br />150.000.00
<br />Total Taxes Tax Abated** Tax Paid***
<br />127, 500.00 127, 500.00 127, 500.00
<br />10,000.00 N/A N/A
<br />137, 500.00 127, 500.00 127, 500.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(45,000.00) (45,000.00) (45,000.00)
<br />(31,325.00) (31,325.00) (31,325.00)
<br />58,175.00 48,175.00 48,175.00
<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 (48,175.00)
<br />N/A 0.00 N/A
<br />N/A N/A 10,000.00
<br />58,175.00 48,175.00 10,000.00
<br />4.3356% 4.3356% 4.3356%
<br />Gross Tax (tax rate x net assessed value) 2,522.24 2,088.68 433.56
<br />Less State & County Homestead Credit: 0.4602% (267.72) (221.70) (46.02)
<br />Tax Due Before Circuit Breaker 2,254.51 1,866.97 387.54
<br />Less Circuit Breaker Credit (535.18) (535.18) 0.00
<br />Net Tax 1,719.34 1,331.80 387.54
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />Debt Service
<br />Circuit Braker Cap
<br />1.0000% 1,375.00 1,275.00 1,375.00
<br />0.5919% 344.34 285.15 59.19
<br />1,719.34 1,560.15 1,434.19
<br /> Net Total
<br /> Assessed Taxes Tax Tax
<br />Year Value Due Abated Paid
<br />1 58,175.00 1,719.34 1,331.80 387.54
<br />2 58,175.00 1,719.34 1,331.80 387.54
<br />3 58,175.00 1,719.34 1,331.80 387.54
<br />4 58,175.00 1,719.34 1,331.80 387.54
<br />5 58,175.00 1,719.34 1,331.80 387.54
<br /> 5 year totals: 8,596.69 6,658.99 1,937.70
<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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