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5 YEAR
<br />15-Dec-O8
<br />Northeast Neighborhood Revitalization Organization, Inc. & Weiss Homes, Inc.
<br />South Bend Portage Township Residential Real Property Tax Abatement Schedule`
<br />Estimated Project Cost
<br />Assessed Value:
<br />STRUCTURE (°6 AV of cost)' 85.0°0
<br />LAND Value 10.000
<br />Gross Assessed Value
<br />Less Mortgage Exemption
<br />Less Homestead Deduction
<br />Less Supplemental Homestead Deduction
<br />Base Assessed Value
<br />Total Taxes Tax Abated"" Tax Paid"'
<br />238.000.00 238.000.00 238,000.00
<br />10.000.00 N/A NlA
<br />248,000.00 238,000.00 238,000.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(45.000.00) (45.000.00) (45,000.00)
<br />i7o,oo0.00> (70,000.00) ~70,000.00~
<br />130,000.00 120,000.00 120.000.00
<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 (74,880.00)
<br />N/A (45.120.00) N/A
<br />N/A NiA 10.000.00
<br />130,000.00 74,880.00 55.120.00
<br />4.3592% 4.3592% 4.3592%
<br />Gross Tax (tax rate x net assessed value) 5,666.96 3,264.17 2,402.79
<br />Less State & County Homestead Credit: 0.4625% (601.25) (346.32) (254.93)
<br />Tax Due Before Circuil Breaker 5,065.71 2,917.85 2.147.86
<br />Less Circuit Breaker Credit (1,816.24) (1,816.24) 0.00
<br />Net Tax 3,249.47 1.101.61 2,147.86
<br />Circuit Breaker Cap
<br />Circuit Breaker 1.0000% 2.480.00 2,380.00 2,480.00
<br />Debt Service 0.5919°'0 769.47 443.21 326.26
<br />Circuit Braker Cap 3,249.47 2,823.21 2,806.26
<br /> Net Total
<br /> Assessed Taxes Tax Tax
<br />Year Value Due Abated Paid
<br />1 130.000.00 3,249.47 1.101.61 2,147.86
<br />2 130,000.00 3.249.47 1,101.61 2,147.86
<br />3 130,000.00 3.249.47 1,101.61 2.147.86
<br />4 130,000.00 3.249.47 1,101.61 2.147.86
<br />5 130,000.00 3,249.47 1.101.61 2,147.86
<br /> 5 year totals 16,247.35 5,508.04 10,739.31
<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 574.880 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 574,880 and adding back the Vand assessed value.
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