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5 YEAR
<br />6-Jan-09
<br />JOSEPH 8~ CAROLYN QUEENAN
<br />South Bend Portage Township Residential Real Property Tax Abatement Schedu/e*
<br />Estimated Project Cost:
<br />Assessed Value:
<br />STRUCTURE (% AV of cost) 85.0°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 />345.OOOA0
<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 />Less Maximum Abatement Deduction
<br />Less Non-Abated Amount
<br />Plus Land Assessed Value
<br />Net Assessed Value
<br />Propertv Taxes:
<br />Assume constant tax rate of
<br />N/A N/A (74,880.00)
<br />N/A (81,032.50) N/A
<br />N/A N/A 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) 7,232.46 3,264.17 3,968.29
<br />Less State & County Homestead Credit: 0.4625% (767.35) (346.32) (421.03)
<br />Tax Due Before Circuit Breaker 6,465.11 2,917.85 3,547.26
<br />Less Circuit Breaker Credit (2,450.58) (2,450.58) 0.00_
<br />Net Tax 4,014.54 467.27 3,547.26
<br />Circuit Breaker Cap
<br />Circuit Breaker 1.0000% 3,032.50 2,932.50 3,032.50
<br />Debt Service 0.5919% 982.04 443.21 538.82
<br />Circuit Braker Cap 4,014.54 3,375.71 3,571.32
<br /> Net Total
<br /> Assessed Taxes Tax Tax
<br />Year Value Due Abated Paid
<br />1 165,912.50 4,014.54 467.27 3,547.26
<br />2 165,912.50 4,014.54 467.27 3,547.26
<br />3 165,912.50 4,014.54 467.27 3,547.26
<br />4 165,912.50 4,014.54 467.27 3,547.26
<br />5 165,912.50 4,014.54 467.27 3,547.26
<br /> 5 year totals: 20,072.68 2,336.36 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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