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5 YEAR 25-Jan-06
<br />DARRELL AND MARIANNE CHALSTROM
<br />South Bend Centre 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 />$205,500.00
<br />Total Taxes Tax Abated** Tax Paid***
<br />174, 675.00 164,400.00 164,400.00
<br />10,000.00 N/A N/A
<br />184,675.00 164,400.00 164, 400.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(35,000.00) (35,000.00) (35,000.00)
<br />$146,675.00 $126,400.00 $126,400.00
<br />Base Assessed Value: $146,675.00 $126,400.00 $126,400.00
<br />Less Maximum Abatement Deduction: N/A N!A ($70,391.20)
<br />Less Non-Abated Amount: N/A -56,008.80 N/A
<br />Plus Land Assessed Value: N/A N/A 10,000.00
<br />Net Assessed Value: $146,675.00 $70,391.20 $66,008.80
<br />Property Taxes:
<br />Assume constant tax rate of: 4.8695% 4.8695% 4.8695°I°
<br />Gross Tax (tax rate x net assessed value): $7,142.34 $3,427.70 $3,214.30
<br />Less SRTC (21.6532%): (1,546.55) (742.21) (696.00)
<br />Less Homestead Credit (24.4250%): (1,366.77) (655.93) (615.09)
<br />Net Tax: 4 229.02 2 029.56 1 903.21
<br />Net Assessed Total
<br />Year Value Taxes Due Tax Abated Tax Paid
<br />1 $146,675.00 $4,229.02 $2,029.56 $1,903.21
<br />2 146,675.00 4,229.02 2,029.56 1,903.21
<br />3 146,675.00 4,229.02 2,029.56 1,903.21
<br />4 146,675.00 4,229.02 2,029.56 1,903.21
<br />5 146,675.00 4,229.02 2,029.56 1,903.21
<br />5 year totals: $21,145.10 $10,147.80 $9,516.05
<br />*This schedule is for estimation purposes only and assumes constant tax rates.
<br />The true tax values wilt ultimately be determined by the actual
<br />assessed valuation and the then current tax rates.
<br />**Tax Abated is capped at $36,000 of assessed value of structures only
<br />and does not include land assessed value.
<br />***Tax Paid is calculated using the difference between actual assessed value
<br />of structure and maximum abated portion of $36,000 and adding
<br />back the land assessed value.
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