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5 YEAR 19-Apr-07
<br />TOWN & COUNTRY, LLC
<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 />$150,000.00
<br />Total Taxes Tax Abated** Tax Paid***
<br />127, 500.00 127, 500.00 127, 500.00
<br />10,000.00 N/A N/A
<br />137, 500.00 127,500.00 127,500.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(35,000.00) (35,000.00) (35,000.00)
<br />99,500.00 89,500.00 89,500.00
<br />N/A N/A (74,880.00)
<br />N/A (14,620.00) N/A
<br />N/A N/A 10,000.00
<br />99,500.00 74,880.00 24,620.00
<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 />5,126.64 3,858.12 1,268.52
<br />(1,112.00) (836.85) (275.15)
<br />(1,287.37) (968.83) (318.54)
<br />2,727.27 2,052.44 674.83
<br />Total
<br />Taxes Tax Tax
<br />Due Abated Paid
<br />1 99,500.00 2,727.27 2,052.44 674.83
<br />2 99,500.00 2,727.27 2,052.44 674.83
<br />3 99,500.00 2,727.27 2,052.44 674.83
<br />4 99,500.00 2,727.27 2,052.44 674.83
<br />5 99,500.00 2,727.27 2,052.44 674.83
<br /> 5 year totals: 13,636.35 10,262.19 3,374.16
<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
<br />maximum abated portion of $74,880 and adding back the land assessed val e.F[~~'t~ 1t1 C1eCk'~
<br />T,PR 2 0 2007
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