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5 YEAR
<br />6- Jan -09
<br />JOSEPH & CAROLYN QUEENAN
<br />South Bend Portage Township Residential Real Property Tax Abatement Schedule"
<br />Estimated Project Cost:
<br />Assessed Value:
<br />STRUCTURE (% AV of cost) 85.0%
<br />LAND Value 10,000
<br />Gross Assessed Value
<br />Less Mortgage Exemption
<br />Less Homestead Deduction
<br />Less Supplemental Homestead 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 />Property Taxes:
<br />Assume constant tax rate of
<br />$345,000.00
<br />Total Taxes Tax Abated** Tax Paid * **
<br />293,250.00 293,250.00 293,250.00
<br />10,000.00 N/A N/A
<br />303,250.00 293,250.00 293,250.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(45,000.00) (45,000.00) (45,000.00)
<br />(89,337.50) (89,337.50) (89,337.50)
<br />165,912.50 155,912.50 155,912.50
<br />N/A N/A (74,880.00)
<br />N/A (81,032.50) N/A
<br />N/A NIA 10,000.00
<br />165,912.50 74,880.00 91,032.50
<br />4.3592% 4.3592% 4.3592%
<br />Gross Tax (tax rate x net assessed value)
<br />7,232.46
<br />3,264.17
<br />3,968.29
<br />Less State & County Homestead Credit:
<br />0.4625%
<br />(767.35)
<br />(346.32)
<br />(421.03)
<br />Tax Due Before Circuit Breaker
<br />6,465.11
<br />2,917.85
<br />3,547.26
<br />Less Circuit Breaker Credit
<br />(2,450.58)
<br />(2,450.58)
<br />0.00
<br />Net Tax
<br />4,014.54
<br />467.27
<br />3,547.26
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />1.0000%
<br />3,032.50
<br />2,932.50
<br />3,032.50
<br />Debt Service
<br />0.5919%
<br />982.04
<br />443.21
<br />538.82
<br />Circuit Braker Cap
<br />4,014.54
<br />3,375.71
<br />3,57132
<br />Net
<br />Total
<br />Assessed
<br />Taxes
<br />Tax
<br />Tax
<br />Year
<br />Value
<br />Due
<br />Abated
<br />Paid
<br />1
<br />165,912.50
<br />4,014.54
<br />467.27
<br />3,547.26
<br />2
<br />165,912.50
<br />4,014.54
<br />467.27
<br />3,54726
<br />3
<br />165,912.50
<br />4,014.54
<br />467.27
<br />3,547.26
<br />4
<br />165,912.50
<br />4,014.54
<br />467.27
<br />3,547.26
<br />5
<br />165,912.50
<br />4,014.54
<br />467.27
<br />3,547.26
<br />5 year totals:
<br />20,072.68
<br />2,336.36
<br />17,736.32
<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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