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5 YEAR
<br />Michael Seaman
<br />South Bend Portage Township
<br />Residential Real Property Tax Abatement Schedule -
<br />Estimated Project Cost: 1425,0000
<br />16- Sep -14
<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 />Filed it; °° . ,,.. R
<br />race
<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 />2014
<br />CITY Cl -Epn,, av r., i 1- SEND, IN
<br />Total Taxes
<br />Tax Abated-
<br />Tax Paid""
<br />Assessed Value:
<br />Structure( %AV of cost)
<br />100.0%
<br />425,000.00
<br />425,000.00
<br />425,000.00
<br />Land Value
<br />20,000
<br />20,000.00
<br />N/A
<br />N/A
<br />Gross Assessed Value
<br />445,000.00
<br />425,000.00
<br />425,000.00
<br />Less Mortgage Exemption
<br />Less Homestead Deduction
<br />(3,000.00)
<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 />(140,000.00)
<br />J140,000,09)
<br />(140,000.00)
<br />257,000.00
<br />237,000.00
<br />237,000.00
<br />Less Maximum Abatement Deduction
<br />Less Non - Abated Amount
<br />NIA
<br />N/A
<br />(74,880.00)
<br />Plus Land Assessed Value
<br />NIA
<br />(162,120.00)
<br />N/A
<br />Net Assessed Value
<br />N/A
<br />N/A
<br />2000000
<br />257,000.00
<br />74,880.00
<br />182,120.00
<br />Property Taxes,
<br />Assume constant tax rate of
<br />5.0228%
<br />5.0228%
<br />5.0228%
<br />Gross Tax (tax rate x net assessed value)
<br />Less County COIT Homestead Credit:
<br />12,908.53
<br />3,761.05
<br />9,147.48
<br />7.3430%
<br />(947.87)
<br />(276.17)
<br />(671.70)
<br />Tax Due Before Circuit Breaker
<br />11,960.66
<br />3,484.88
<br />8,475.78
<br />Less Circuit Breaker Credit
<br />Net Tax
<br />(6,211.01)
<br />(310821)
<br />(310480)
<br />5,749.65
<br />37867
<br />5 370 98
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />1.0000%
<br />4,450.00
<br />4,250.00
<br />4,450.00
<br />Debt Service
<br />0.5057%
<br />1,299.65
<br />378.67
<br />920.98
<br />Circuit Braker Cap
<br />5,749.65
<br />4,628.67
<br />537098
<br />Net
<br />Total
<br />Assessed
<br />Taxes
<br />Tax
<br />Tex
<br />Year
<br />Value
<br />Due
<br />Abated
<br />Paid
<br />1
<br />257,000.00
<br />5,749.65
<br />378.67
<br />5,370.98
<br />2
<br />257,000.00
<br />5,749.65
<br />378.67
<br />5,370.98
<br />3
<br />257,000.00
<br />5,749.65
<br />378.67
<br />5,370.98
<br />4
<br />257,000.00
<br />5,749.65
<br />378.67
<br />5,370.98
<br />5
<br />257,000.00
<br />5,749.65
<br />378.67
<br />5,370.98
<br />5 year totals:
<br />28,748.25
<br />1,893.34
<br />26,854.90
<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 />Filed it; °° . ,,.. R
<br />race
<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 />2014
<br />CITY Cl -Epn,, av r., i 1- SEND, IN
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