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5 YEAR 14-Jan-07
<br />SFI/LDI PARTNERSHIP
<br />South Bend Centre 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 />$240,000.00
<br />Total Taxes Tax Abated*" Tax Paid"'*
<br />204,000.00 204,000.00 204,000.00
<br />10,000.00 N/A N/A
<br />214,000.00 204,000.00 204,000.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(35,000.00) {35,000.00) (35,000.00)
<br />176,000.00 166,000.00 166,000.00
<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: 21.7230%
<br />Less Homestead Credit: 32.0952%
<br />Net Tax
<br />N/A N/A (74,880.00)
<br />N/A (91,120.00) N/A
<br />N/A N/A 10,000.00
<br />176,000.00 74,880.00 101,120.00
<br />5.1338% 5.1338% 5.1338%
<br />9,035.49 3,844.19 5,191.30
<br />(1,962.78) (835.07) (1,127.71)
<br />(2,270.00) (965.78) (1,304.22)
<br />4,802.71 2,043.34 2,759.37
<br />
<br />
<br />Year Net
<br />Assessed
<br />Value Total
<br />Taxes
<br />Due
<br />Tax
<br />Abated
<br />Tax
<br />Paid
<br />1 176,000.00 4,802.71 2,043.34 2,759.37
<br />2 176,000.00 4,802.71 2,043.34 2,759.37
<br />3 176,000.00 4,802.71 2,043.34 2,759.37
<br />4 176,000.00 4,802.71 2,043.34 2,759.37
<br />5 176,000.00 4,802.71 2,043.34 2,759.37
<br /> 5 year totals: 24,013.54 10,216.68 13,796.86
<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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