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5 YEAR
<br />9- Mar -09
<br />ROBERT D. & 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 NIA
<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 />NIA NIA 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)
<br />9,761.34
<br />3,264.17
<br />6,497.17
<br />Less State & County Homestead Credit: 0.4625%
<br />(1,035.65)
<br />(346.32)
<br />(689.33)
<br />Tax Due Before Circuit Breaker
<br />8,725.69
<br />2,917.85
<br />5,807.84
<br />Less Circuit Breaker Credit
<br />(3,475.27)
<br />(2,474.63)
<br />(1,000.64)
<br />Net Tax
<br />5,250.41
<br />443.21
<br />4,807.20
<br />4
<br />223,925.00
<br />5,250.41
<br />Circuit Breaker Cap
<br />4,807.20
<br />5
<br />223,925.00
<br />Circuit Breaker 1.0000%
<br />3,925.00
<br />3,825.00
<br />3,925.00
<br />Debt Service 0.5919%
<br />1,325.41
<br />443.21
<br />882.20
<br />Circuit Braker Cap
<br />5,250.41
<br />4,268.21
<br />4,807.20
<br />Year
<br />Net
<br />Assessed
<br />Value
<br />Total
<br />Taxes
<br />Due
<br />Tax
<br />Abated
<br />Tax
<br />Paid
<br />1
<br />223,925.00
<br />5,250.41
<br />443.21
<br />4,807.20
<br />2
<br />223,925.00
<br />5,250.41
<br />443.21
<br />4,807.20
<br />3
<br />223,925.00
<br />5,250.41
<br />443.21
<br />4,807.20
<br />4
<br />223,925.00
<br />5,250.41
<br />443.21
<br />4,807.20
<br />5
<br />223,925.00
<br />5,250.41
<br />443.21
<br />4,807.20
<br />5 year totals:
<br />26,252.06
<br />2,216.07
<br />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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