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5 YEAR 21-Mar-07
<br />DAN GOLLER
<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 />$94,000.00
<br />Total Taxes Tax Abated*"' Tax Paid***
<br />79,900.00 79,900.00 79,900.00
<br />10,000.00 N/A N/A
<br />89,900.00 79,900.00 79,900.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(35,000.00) (35,000.00) (35,000.00)
<br />51,900.00 41,900.00 41,900.00
<br />N/A N/A (41,900.00)
<br />N/A 0.00 N/A
<br />N/A N/A 10,000.00
<br />51,900.00 41,900.00 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 />Net
<br />Assessed
<br />Year Value
<br />5.1524% 5.1524% 5.1524%
<br />2,674.10 2,158.86 515.24
<br />(580.03) (468.27) (111.76)
<br />(671.50) (542.12) (129.38)
<br />1,422.57 1,148.47 274.10
<br />Total
<br />Taxes Tax Tax
<br />Due Abated Paid
<br />1 51,900.00 1,422.57 1,148.47 274.10
<br />2 51,900.00 1,422.57 1,148.47 274.10
<br />3 51,900.00 1,422.57 1,148.47 274.10
<br />4 51,900.00 1,422.57 1,148.47 274.10
<br />5 51,900.00 1,422.57 1,148.47 274.10
<br /> 5 year totals: 7,112.84 5,742.33 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 structure and
<br />maximum abated portion of $74,880 and adding back the land assessed value. tt~~+~,,,p~, .•
<br />~~1AR 2 8 2007
<br />d4~iN VOC,r~1E
<br />CITY C! E~X, S0. B!~3~;J, tN.
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