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5 YEAR
<br />9-Mar-09
<br />ROBERT D. 8~ KELLEY S. BRETZ
<br />South Bend Portage Township Residential Real Property Tax Abatement Schedule`
<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 />$450,000.00
<br />Total Taxes Tax Abated'` Tax Paid"~'
<br />382,500.00 382,500.00 382,500.00
<br />10,000.00 N/A N/A
<br />392,500.00 382,500.00 382,500.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(45,000.00) (45,000.00) (45,000.00)
<br />(120,575.00) (120,575.00) (120,575.00)
<br />223,925.00 213,925.00 213,925.00
<br />Less Maximum Abatement Deduction
<br />Less Non-Abated Amount
<br />Plus Land Assessed Value
<br />Net Assessed Value
<br />Property Taxes:
<br />Assume constant tax rate of
<br />N/A N/A (74,880.00)
<br />N/A (139,045.00) N/A
<br />N/A N/A 10,000.00
<br />223,925.00 74,880.00 149,045.00
<br />4.3592% 4.3592% 4.3592%
<br />Gross Tax (tax rate x net assessed value) 9,761.34 3,264.17 6,497.17
<br />Less State & County Homestead Credit: 0.4625% (1,035.65) (346.32) (689.33)
<br />Tax Due Before Circuit Breaker 8,725.69 2,917.85 5,807.84
<br />Less Circuit Breaker Credit (3,475.27) (2,474.63) (1,000.64)
<br />Net Tax 5,250.41 443.21 4,807.20
<br />Circuit Breaker Cap
<br />Circuit Breaker 1.0000% 3,925.00 3,825.00 3,925.00
<br />Debt Service 0.5919% 1,325.41 443.21 882.20
<br />Circuit Braker Cap 5,250.41 4,268.21 4,807.20
<br /> Net Total
<br /> Assessed Taxes Tax Tax
<br />Year Value Due Abated Paid
<br />1 223,925.00 5,250.41 443.21 4,807.20
<br />2 223,925.00 5,250.41 443.21 4,807.20
<br />3 223,925.00 5,250.41 443.21 4,807.20
<br />4 223,925.00 5,250.41 443.21 4,807.20
<br />5 223,925.00 5,250.41 443.21 4,807.20
<br /> 5 year totals: 26,252.06 2,216.07 24,035.99
<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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