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5 YEAR
<br />Jeffrey and Marie Spoonhower
<br />South Bend Portage Township
<br />Residential Real Property Tax Abatement Schedule*
<br />29- Jun -15
<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) 80.0%
<br />240,000.00
<br />240,000.00
<br />240,000.00
<br />Land Value 4,700
<br />4,700.00
<br />N/A
<br />N/A
<br />Gross Assessed Value
<br />244,700.00
<br />240,000.00
<br />240,000.00
<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 />(69,895.00)
<br />(69,895.00)
<br />(69,895.00)
<br />Base Assessed Value
<br />126,805.00
<br />122,105.00
<br />122,105.00
<br />Less Maximum Abatement Deduction
<br />N/A
<br />N/A
<br />(74,880.00)
<br />Less Non - Abated Amount
<br />N/A
<br />(47,225.00)
<br />N/A
<br />Plus Land Assessed Value
<br />N/A
<br />N/A
<br />4,700.00
<br />Net Assessed Value
<br />126,805.00
<br />74,880.00
<br />51,925.00
<br />Property Taxes:
<br />Assume constant tax rate of
<br />5.4968%
<br />5.4968%
<br />5.4968%
<br />Gross Tax (tax rate x net assessed value)
<br />6,970.23
<br />4,116.01
<br />2,854.22
<br />Less County COIT Homestead Credit:
<br />6.8095%
<br />(474.64)
<br />(280.28)
<br />(194.36)
<br />Tax Due Before Circuit Breaker
<br />6,495.60
<br />3,835.73
<br />2,659.86
<br />Less Circuit Breaker Credit
<br />(3,407.34)
<br />(3,407.34)
<br />0.00
<br />Net Tax
<br />3,088.25
<br />428.39
<br />2,659.86
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />1.0000%
<br />2,447.00
<br />2,400.00
<br />2,447.00
<br />Debt Service
<br />0.5057%
<br />641.25
<br />378.67
<br />262.58
<br />Circuit Braker Cap
<br />3,088.25
<br />2,778.67
<br />2,709.58
<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 />126,805.00
<br />3,08825
<br />428.39
<br />2,659.86
<br />2
<br />126,805.00
<br />3,08825
<br />428.39
<br />2,659.86
<br />3
<br />126,805.00
<br />3,088.25
<br />428.39
<br />2,659.86
<br />4
<br />126,805.00
<br />3,088.25
<br />428.39
<br />2,659.85
<br />5
<br />126,805.00
<br />3,088.25
<br />428.39
<br />2,659.86
<br />5year totals:
<br />15,441.26
<br />2,141.95
<br />13,299.31
<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 $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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