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3 YEAR
<br />11-Nov-08
<br /> Robert R. Lee (C.E. Lee)
<br /> South Bend Clay Township
<br /> Real Property Tax Abatement Schedule*
<br /> Tax Key Number 024-1001-0410
<br /> Current Assessed Value: 49,100
<br /> Estimated Project Cost: 500,000 100.00%
<br /> Current Without 100% 66% 33%
<br />Assessed Value: AV & Tax Abatement Year 1 Year 2 Year 3
<br />Current Assessed Value 100% 49,100 49,100 49,100 49,100 49,100
<br />Base Assessed Value 85% 425,000 425,000 425,000 425,000
<br />Less Abatement Deduction 0 (425 000) (280,500) (140,250)
<br />Net Assessed Value 49,100 474,100 49,100 193,600. 333,850
<br />Property Taxes:
<br />Assume constant tax rate of
<br />Gross Tax (tax rate x net assessed value)
<br />Less Circuit Breaker Credit
<br />Net Tax
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />Debt Service
<br />Circuit Braker Cap
<br />4.2871 % 4.2871 % 4.2871 % 4.2871 % 4.2871
<br />2,105 20,325 2,105 8,300 14,312
<br />(363) (3 505) 0 0 0
<br />1,742 16,820 2,105 8,300 14,312
<br />1,473 14,223 14,223 14,223 14,223
<br />269 2,597 269 1,060 1,828
<br />1,742 16,820 14,492 15,283 16,051
<br />3.0000%
<br />0.5477%
<br /> New Combined Net
<br />Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1 1,742 15,078 16,820 14,715 2,105
<br />2 1,742 15,078 16,820 8,520 8,300
<br />3 1,742 15,078 16,820 2,507 14,312
<br />Totals 5,226 45,233 50,459 25,742 24,717
<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.
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