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5 YEAR 31-Aug-15
<br /> James and Susan Farrington
<br /> South Bend Portage Township
<br /> Residential Real Property Tax Abatement Schedule*
<br /> Estimated Project Cost: $525.000.00
<br /> Total Taxes Tax Abated** Tax Paid"'
<br /> Assessed Value:
<br /> Structure(%AV of cost) 80.0% 420,000.00 420,000.00 420,000.00
<br /> Land Value 10,700 10,700.00 N/A N/A
<br /> Gross Assessed Value 430,700.00 420,000.00 420,000.00
<br /> Less Mortgage Exemption (3,000.00) (3,000.00) (3,000.00)
<br /> Less Homestead Deduction (45,000.00) (45,000.00) (45,000.00)
<br /> Less Supplemental Homestead Deduction (134,995.00) (134,995.00) (134,995.00)
<br /> Base Assessed Value 247,705.00 237,005.00 237,005.00
<br /> Less Maximum Abatement Deduction N/A N/A (74,880.00)
<br /> Less Non-Abated Amount N/A (162,125.00) N/A
<br /> Plus Land Assessed Value N/A N/A 10,700.00
<br /> Net Assessed Value 247,705.00 74,880.00 172,825.00
<br /> Property Taxes:
<br /> Assume constant tax rate of 5.4968% 5.4968% 5.4968%
<br /> Gross Tax(tax rate x net assessed value) 13,615.88 4,116.01 9,499.87
<br /> Less County COIT Homestead Credit: 6.8095% (927.17) (280.28) (646.89)
<br /> Tax Due Before Circuit Breaker 12,688.71 3,835.73 8,852.97
<br /> Less Circuit Breaker Credit (7,129.06) (3,457.07) (3,672.00)
<br /> Net Tax 5,559.64 378.67 5,180.98
<br /> Circuit Breaker Cap
<br /> Circuit Breaker 1.0000% 4,307.00 4,200.00 4,307.00
<br /> Debt Service 0.5057% 1,252.64 378.67 873.98
<br /> Circuit Braker Cap 5,559.64 4,578.67 5,180.98
<br /> Net Total
<br /> Assessed Taxes Tax Tax
<br /> Year Value Due Abated Paid
<br /> 1 247,705.00 5,559.64 378.67 5,180.98
<br /> 2 247,705.00 5,559.64 378.67 5,180.98
<br /> 3 247,705.00 5,559.64 378.67 5,180.98
<br /> 4 247,705,00 5,559.64 378.67 5,180.98
<br /> 5 247,705.00 5,559.64 378.67 5,180.98
<br /> 5 year totals: 27,798.22 1,893.34 25,904.88
<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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