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5 YEAR
<br />19-Dec-08
<br />Northeast Neighborhood Revitalization Organization, Inc. 8~ Weiss Homes, Inc.
<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%
<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 />140 000.00
<br />Total Taxes Tax Abated** Tax Paid***
<br />119, 000.00 119,000.00 119,000.00
<br />10,000.00 N/A N/A
<br />129,000.00 119, 000.00 119,000.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(45,000.00) (45,000.00) (45,000.00)
<br />(28,350.00) (28,350.00) (28,350.00)
<br />52,650.00 42,650.00 42,650.00
<br />Less Maximum Abatement Deduction
<br />Less Non-Abated Amount
<br />Plus Land Assessed Value
<br />Net Assessed Value
<br />Progertv Taxes:
<br />Assume constant tax rate of
<br />N/A N/A (42,650.00)
<br />N/A 0.00 N/A
<br />N/A N/A 10,000.00
<br />52,650.00 42,650.00 10,000.00
<br />4.3592% 4.3592% 4.3592%
<br />Gross Tax (tax rate x net assessed value) 2,295.12 1,859.20 435.92
<br />Less State & County Homestead Credit: 0.4625% (243.51) (197.26) (46.25)
<br />Tax Due Before Circuit Breaker 2,051.61 1,661.94 389.67
<br />Less Circuit Breaker Credit (449.98) (449.98) 0.00
<br />Net Tax 1,601.64 1,211.97 389.67
<br />Circuit Breaker Cap
<br />Circuit Breaker 1.0000% 1,290.00 1,190.00 1,290.00
<br />Debt Service 0.5919% 311.64 252.45 59.19
<br />Circuit Braker Cap 1,601.64 1,442.45 1,349.19
<br /> Net Total
<br /> Assessed Taxes Tax Tax
<br />Year Value Due Abated Paid
<br />1 52,650.00 1,601.64 1,211.97 389.67
<br />2 52,650.00 1,601.64 1,211.97 389.67
<br />3 52,650.00 1,601.64 1,211.97 389.67
<br />4 52,650.00 1,601.64 1,211.97 389.67
<br />5 52,650.00 1,601.64 1,211.97 389.67
<br /> 5yeartotals: 8,008.18 6,059.83 1,948.35
<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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