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5 YEAR
<br />12-Dec-06
<br />KENDALL-WEISS, LLP
<br />South Bend Centre Township Residential Real Property Tax Abatement Schedule*
<br />Estimated Project Cost:
<br />Assessed Value:
<br />STRUCTURE (assume 85% of project cost)
<br />LAND (assume $10,000)
<br />Gross Assessed Value
<br />Less Mortgage Exemption
<br />Less Standard Homeowners Deduction
<br />Base Assessed Value
<br />$170,000.00
<br />Total Taxes Tax Abated"* Tax Paid*"*
<br />144, 500.00 144,500.00 144,500.00
<br />10,000.00 N/A N/A
<br />154,500.00 144,500.00 144,500.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(35,000.00) (35,000.00) (35,000.00)
<br />116,500.00 106,500.00 106,500.00
<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 (31,620.00) N/A
<br />N/A N/A 10,000.00
<br />116,500.00 74,880.00 41,620.00
<br />5.1338% 5.1338% 5.1338%
<br />Gross Tax (tax rate x net assessed value) 5,980.88 3,844.19 2,136.69
<br />Less SRTC: 21.7230% (1,299.23) (835.07) (464.15)
<br />Less Homestead Credit: 32.0952% (1,502.59) (965.78) (536.80)
<br />Net Tax 3,179.06 2,043.34 1,135.73
<br />
<br />
<br />Year Net
<br />Assessed
<br />Value Total
<br />Taxes
<br />Due
<br />Tax
<br />Abated
<br />Tax
<br />Paid
<br />1 116,500.00 3,179.06 2,043.34 1,135.73
<br />2 116,500.00 3,179.06 2,043.34 1,135.73
<br />3 116,500.00 3,179.06 2,043.34 1,135.73
<br />4 116,500.00 3,179.06 2,043.34 1,135.73
<br />5 116,500.00 3,179.06 2,043.34 1,135.73
<br /> 5 year totals: 15,895.31 10,216.68 5,678.67
<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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