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5 YEAR 4-Dec-06
<br />JILL R. BODENSTEINER
<br />South Bend Portage 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 />Less Maximum Abatement Deduction
<br />Less Non-Abated Amount
<br />Plus Land Assessed Value
<br />Net Assessed Value
<br />$300,000.00
<br />Total Taxes Tax Abated** Tax Paid***
<br />255,000.00 255,000.00 255,000.00
<br />10,000.00 N/A N/A
<br />265,000.00 255,000.00 255,000.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(35,000.00) (35,000.00) (35,000.00)
<br />227,000.00 217,000.00 217,000.00
<br />N/A N/A (74,880.00)
<br />N/A (142,120.00) N/A
<br />N/A N/A 10,000.00
<br />227,000.00 74,880.00 152,120.00
<br />Propertv Taxes:
<br />Assume constant tax rate of
<br />5.1524% 5.1524% 5.1524%
<br />Gross Tax (tax rate x net assessed value) 11,695.95 3,858.12 7,837.83
<br />Less SRTC: 21.6906% (2,536.92) (836.85) (1,700.07)
<br />Less Homestead Credit: 32.0670% (2,937.03) (968.83) (1,968.19)
<br />Net Tax 6,222.00 2,052.44 4,169.57
<br />
<br />
<br />Year Net
<br />Assessed
<br />Value Total
<br />Taxes
<br />Due
<br />Tax
<br />Abated
<br />Tax
<br />Paid
<br />1 227,000.00 6,222.00 2,052.44 4,169.57
<br />2 227,000.00 6,222.00 2,052.44 4,169.57
<br />3 227,000.00 6,222.00 2,052.44 4,169.57
<br />4 227,000.00 6,222.00 2,052.44 4,169.57
<br />5 227,000.00 6,222.00 2,052.44 4,169.57
<br /> 5yeartotals: 31,109.98 10,262.19 20,847.84
<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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