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5 YEAR 12-Dec-06
<br />DON & SARA POPE DAVIS
<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 />$382.000.00
<br />Total Taxes Tax Abated"` Tax Paid"*
<br />324,700.00 324,700.00 324,700.00
<br />10,000.00 N/A N!A
<br />334,700.00 324,700.00 324,700.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(35,000.00) (35,000.00) (35,000.00)
<br />296,700.00 286,700.00 286,700.00
<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 />Gross Tax (tax rate x net assessed value)
<br />Less SRTC: 21.6906%
<br />Less Homestead Credit: 32.0670%
<br />Net Tax
<br />Net
<br />Assessed
<br />Year Value
<br />N/A N/A (74,880.00)
<br />N/A (211,820.00) N/A
<br />N/A N/A 10,000.00
<br />296,700.00 74,880.00 221,820.00
<br />5.1524% 5.1524% 5.1524%
<br />15,287.17 3,858.12 11,429.05
<br />(3,315.88) (836.85) (2,479.03)
<br />(3,838.83) (968.83) (2,870.00)
<br />8,132.46 2,052.44 6,080.02
<br />Total
<br />Taxes Tax Tax
<br />Due Abated Paid
<br />1 296,700.00 8,132.46 2,052.44 6,080.02
<br />2 296,700.00 8,132.46 2,052.44 6,080.02
<br />3 296,700.00 8,132.46 2,052.44 6,080.02
<br />4 296,700.00 8,132.46 2,052.44 6,080.02
<br />5 296,700.00 8,132.46 2,052.44 6,080.02
<br /> 5 year totals: 40,662.31 10,262.19 30,400.12
<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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