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5 YEAR
<br />Carlson & West
<br />South Bend Portage Township
<br />Residential Real Property Tax Abatement Schedule`
<br />29- Oct -14
<br />Estimated Project Cost:
<br />$300.000.00
<br />Total Taxes
<br />Tax Abated "
<br />Tax Paid "'
<br />Assessed Value:
<br />Structure (% AV of cost) 100.0%
<br />300,000.00
<br />300,000.00
<br />300,000.00
<br />Land Value 20,000
<br />20,000.00
<br />N/A
<br />NIA
<br />Gross Assessed Value
<br />320,000.00
<br />300,000.00
<br />300,000.00
<br />Less Mortgage Exemption
<br />(3,000.00)
<br />(3,000.00)
<br />(3,000.00)
<br />Less Homestead Deduction
<br />(45,000.00)
<br />(45,000.00)
<br />(45,000.00)
<br />Less Supplemental Homestead Deduction
<br />(96,250.00)
<br />(96,250,00)
<br />(96 250.00)
<br />Base Assessed Value
<br />175,750.00
<br />155,750.00
<br />155,750.00
<br />Less Maximum Abatement Deduction
<br />NIA
<br />NIA
<br />(74,880.00)
<br />Less Non - Abated Amount
<br />N/A
<br />(80,870.00)
<br />NIA
<br />Plus Land Assessed Value
<br />N/A
<br />NIA
<br />20,000.00
<br />Net Assessed Value
<br />175,750.00
<br />74,880.00
<br />100,870.00
<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 />8,827.53
<br />3,761.05
<br />5,066.47
<br />Less County COIT Homestead Credit:
<br />7.3430%
<br />(648.21)
<br />(276.17)
<br />(372.03)
<br />Tax Due Before Circuit Breaker
<br />8,179.32
<br />3,484.88
<br />4,694.44
<br />Less Circuit Breaker Credit
<br />(4,090.55)
<br />(3,106.21)
<br />(984.34)
<br />Net Tax
<br />4,088.77
<br />378.67
<br />3,710.10
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />1.0000%
<br />3,200.00
<br />3,000.00
<br />3,200.00
<br />Debt Service
<br />0.5057%
<br />888.77
<br />378.67
<br />510.10
<br />Circuit Braker Cap
<br />4,088.77
<br />3,378.67
<br />3,710.10
<br />Net
<br />Total
<br />Assessed
<br />Taxes
<br />Tax
<br />Tax
<br />Year
<br />Value
<br />Due
<br />Abated
<br />Paid
<br />1
<br />175,750.00
<br />4,088.77
<br />378.67
<br />3,710.10
<br />2
<br />175,750.00
<br />4,088.77
<br />378.67
<br />3,710.10
<br />3
<br />175,750.00
<br />4,088.77
<br />378.67
<br />3,710.10
<br />4
<br />175,750.00
<br />4,088.77
<br />378.67
<br />3,710.10
<br />5
<br />175,750.00
<br />4,088.77
<br />378.67
<br />3,710.10
<br />5 year totals:
<br />20,443.84
<br />1,893.34
<br />18,550.50
<br />'This schedule is for estimation purposes only and assumes constant tax rates. The We 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 stmclure and
<br />maximum abated portion of $74,880 and adding back the land assessed value.
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