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5 YEAR 12-Feb-07 <br />HABITAT FOR HUMANITY <br />South Bend Portage 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 />Less Maximum Abatement Deduction <br />Less Non-Abated Amount <br />Plus Land Assessed Value <br />Net Assessed Value <br />$65.000.00 <br />Total Taxes Tax Abated*" Tax Paid"`* <br />55,250.00 55,250.00 55,250.00 <br />10,000.00 N/A N/A <br />65,250.00 55,250.00 55,250.00 <br />(3,000.00} (3,000.00) (3,000.00) <br />(31,125.00) (31,125.00) (31,125.00) <br />31,125.00 21,125.00 21,125.00 <br />N/A N/A (21,125.00) <br />N/A 0.00 N/A <br />N/A N/A 10,000.00 <br />31,125.00 21,125.00 10,000.00 <br />Property Taxes: <br />Assume constant tax rate of <br />Gross Tax (tax rate x net assessed value) <br />Less SRTC: 21.6906% <br />Less Homestead Credit: 32.0670% <br />Net Tax <br />5.1524% 5.1524% 5.1524% <br />1,603.68 1,088.44 515.24 <br />(347.85) (236.09) (111.76) <br />(402.71) (273.32) (129.38) <br />853.13 579.03 274.10 <br /> <br /> <br />Year Net <br />Assessed <br />Value Total <br />Taxes <br />Due <br />Tax <br />Abated <br />Tax <br />Paid <br />1 31,125.00 853.13 579.03 274.10 <br />2 31,125.00 853.13 579.03 274.10 <br />3 31,125.00 853.13 579.03 274.10 <br />4 31,125.00 853.13 579.03 274.10 <br />5 31,125.00 853.13 579.03 274.10 <br /> 5 year totals: 4,265.63 2,895.17 1,370.51 <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 e-aa <br />maximum abated portion of $74,880 and adding back the land assessed value ~'jj~?~ ~;~ ~;imtl" ~'W ~~~g~~,a <br />FEB 1 4 ...,~. <br />J^';I VCCI"i"uE <br />CITY Gi.f%'ri, ~'~. ~.C}it', I'v. <br />