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5 YEAR 20- Jan -16
<br />Jeffrey Szolav and Amber O'Brien
<br />South Bend Portage Township
<br />Residential Real Property Tax Abatement Schedule*
<br />Estimated Project Cost:
<br />$182,500.00
<br />1,464.00
<br />1,460.00
<br />1,464.00
<br />Total Taxes
<br />Tax Abated'*
<br />Tax Paid"*
<br />Assessed Value:
<br />2.02
<br />Circuit Braker Cap
<br />Structure (% AV of cost) 80.0%
<br />146,000.00
<br />146,000.00
<br />146,000.00
<br />Land Value 400
<br />400.00
<br />N/A
<br />N/A
<br />Gross Assessed Value
<br />146,400.00
<br />146,000.00
<br />146,000.00
<br />Less Mortgage Exemption
<br />(3,000.00)
<br />(3,000.00)
<br />(3,000.00)
<br />Less Homestead Deduction
<br />(45,000.00)
<br />(45,000.00)
<br />(45,000.00)
<br />Less Supplemental Homestead Deduction
<br />(35,490.00)
<br />(35,490.00)
<br />(35 490.00)
<br />Base Assessed Value
<br />62,910.00
<br />62,510.00
<br />62,510.00
<br />Less Maximum Abatement Deduction
<br />N/A
<br />N/A
<br />(62,510.00)
<br />Less Non - Abated Amount
<br />N/A
<br />0100
<br />NIA
<br />Plus Land Assessed Value
<br />N/A
<br />N/A
<br />400.00
<br />Net Assessed Value
<br />62,910.00
<br />62,510.00
<br />400.00
<br />Prooerty Taxes:
<br />8,910.68
<br />8,808.92
<br />101.76
<br />Assume constant tax rate of
<br />5.4597%
<br />5A597%
<br />5.4597%
<br />Gross Tax (tax rate x net assessed value)
<br />3,434.67
<br />3,412.83
<br />21.84
<br />Less County COIT Homestead Credit:
<br />6.8095% (233.88)
<br />(232.40)
<br />(1.49)
<br />Tax Due Before Circuit Breaker
<br />3,200.79
<br />3,180.43
<br />20.35
<br />Less Circuit Breaker Credit
<br />(1,418.65)
<br />(1,418.65)
<br />0.00
<br />Net Tax
<br />1,782.14
<br />1,761.78
<br />20.35
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />1.0000%
<br />1,464.00
<br />1,460.00
<br />1,464.00
<br />Debt Service
<br />0.5057%
<br />318.14
<br />316.11
<br />2.02
<br />Circuit Braker Cap
<br />1,782.14
<br />1,776.11
<br />1,466.02
<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 />62,910.00
<br />1,782.14
<br />1,761.78
<br />20.35
<br />2
<br />62,910.00
<br />1,782.14
<br />1,761.78
<br />20.35
<br />3
<br />62,910.00
<br />1,782.14
<br />1,761.78
<br />20.35
<br />4
<br />62,910.00
<br />1,782.14
<br />1,761.78
<br />20.35
<br />5
<br />62,910.00
<br />1,782.14
<br />1,761.78
<br />20.35
<br />5 year totals:
<br />8,910.68
<br />8,808.92
<br />101.76
<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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