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5 YEAR 8-Jan-07
<br />AMY J. BILLHIMER
<br />South Bend Centre Township Residential Real Property Tax Abatement Schedule*
<br />Estimated Project Cost:
<br />$95,620.00
<br />Total Taxes Tax Abated** Tax Paid"'"'
<br />Assessed Value:
<br />STRUCTURE (assume 85% of project cost) 81,277.00 81,277.00 81,277.00
<br />LAND (assume $10,000) 10,000.00 N/A N/A
<br />Gross Assessed Value 91,277.00 81,277.00 81,277.00
<br />Less Mortgage Exemption (3,000.00) (3,000.00) (3,000.00)
<br />Less Standard Homeowners Deduction (35,000.00) (35,000.00) (35,000.00)
<br />Base Assessed Value 53,277.00 43,277.00 43,277.00
<br />Less Maximum Abatement Deduction N/A N/A (43,277.00)
<br />Less Non-Abated Amount N/A 0.00 N/A
<br />Plus Land Assessed Value N/A N/A 10,000.00
<br />Net Assessed Value 53,277.00 43,277.00 10,000.00
<br />Progerty Taxes:
<br />Assume constant tax rate of
<br />5.1338% 5.1338% 5.1338%
<br />Gross Tax (tax rate x net assessed value) 2,735.13 2,221.75 513.38
<br />Less SRTC: 21.7230% (594.15) (482.63) (111.52)
<br />Less Homestead Credit: 32.0952% (687.15) (558.17) (128.98)
<br />Net Tax 1,453.83 1,180.95 272.88
<br />
<br />
<br />Year Net
<br />Assessed
<br />Value Total
<br />Taxes
<br />Due
<br />Tax
<br />Abated
<br />Tax
<br />Paid
<br />1 53,277.00 1,453.83 1,180.95 272.88
<br />2 53,277.00 1,453.83 1,180.95 272.88
<br />3 53,277.00 1,453.83 1,180.95 272.88
<br />4 53,277.00 1,453.83 1,180.95 272.88
<br />5 53,277.00 1,453.83 1,180.95 272.88
<br /> 5 year totals: 7,269.16 5,904.76 1,364.39
<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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