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5 YEAR
<br />13-Oct-08
<br />Kendall -Weiss (Lafayette 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 /o
<br />LAND Value 101000
<br />Gross Assessed Value
<br />Less Mortgage Exemption
<br />Less Homestead Deduction
<br />Less Supplemental Homestead Deduction
<br />Base Assessed Value
<br />225.OOO.OQ
<br />Total Taxes Tax Abated** Tax Paid***
<br />191,250.00 191,250.00 191,250.00
<br />10,000.00 N/A N/A
<br />201,250.00 191,250.00 191,250.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(45,000.00) (45,000.00) (45,000.00)
<br />(53,637.50) (53,637.50) (53,637.50)
<br />99,612.50 89,612.50 89,612.50
<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 (74,880.00)
<br />N(A (14,732.50} NIA
<br />N/A N/A 10,000.00
<br />99,612.50 74,880.00 24,732.50
<br />4.3356% 4.3356% 4.3356%
<br />Gross Tax (tax rate x net assessed value) 4,318.80 3,246.50 1,072.30
<br />Less State & County Homestead Credit: 0.4602% (458.42) (344.60) (113.82)
<br />Tax Due Before Circuit Breaker 3,860.38 2,901.90 958.48
<br />Less Circuit Breaker Credit (1,258.28) (1,258.28) 0.00
<br />Net Tax 2,602.11 1,643.62 958.48
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />Debt Service
<br />Circuit Braker Cap
<br />1.0000% 2,012.50 1,912.50 2,012.50
<br />0.5919% 589.61 443.21 146.39
<br />2,602.11 2,355.71 2,158.89
<br />Net Total
<br />Assessed Taxes Tax Tax
<br />Year Value Due Abated Paid
<br />1 99,612.50 2,602.11 1,643.62 958.48
<br />2 99,612.50 2,602.11 1,643.62 958.48
<br />3 99,612.50 2,602.11 1,643.62 958.48
<br />4 99,612.50 2,602.11 1,643.62 958.48
<br />5 99,612.50 2,602.11 1,643.62 958.48
<br /> 5 year totals: 13,010.53 8,218.12 4,792.42
<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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