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5 YEAR 27-Jan-06
<br />BARBARA VIRGINIA SNIEGOWSKI REVOCABLE TRUST
<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 />$250,000.00
<br />Total Taxes Tax Abated** Tax Paid***
<br />212,500.00 212,500.00 212,500.00
<br />10.000.00 N/A N/A
<br />222,500.00 212,500.00 212,500.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(35,000.00) (35,000.00) (35,000.00)
<br />184, 500.00 174, 500.00 174, 500.00
<br />Base Assessed Value:
<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 />184, 500.00 174, 500.00 174, 500.00
<br />N/A N/A ($74,600.00)
<br />N/A (99,900.00) N/A
<br />N/A N/A 10,000.00
<br />184,500.00 74,600.00 109,900.00
<br />4.89060% 4.89060°I° 4.89060%
<br />Gross Tax (tax rate x net assessed value): 9,023.16 3,648.39 5,374.77
<br />Less SRTC (21.6113%): (1,950.02) (788.46) (1,161.56)
<br />Less Homestead Credit (24.3982%): (1,725.72) (697.77) (1,027.95)
<br />Net Tax: 5,347.42 2.162.16 3.185.26
<br />Net Assessed Total
<br />Year Value Taxes Due Tax Abated Tax Paid
<br />1 184,500.00 5,347.42 2,162.16 3,185.26
<br />2 184,500.00 5,347.42 2,162.16 3,185.26
<br />3 184,500.00 5,347.42 2,162.16 3,185.26
<br />4 184,500.00 5,347.42 2,162.16 3,185.26
<br />5 184,500.00 5,347.42 2,162.16 3,185.26
<br />5 year totals: 26,737.10 10,810.80 15,926.30
<br />*This schedule is for estimation purposes only and assumes constant tax rates.
<br />The true tax values will ultimately be determined by the actual
<br />assessed valuation and the then current tax rates.
<br />**Tax Abated is capped at $74,600 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 $74,600 and adding
<br />back the land assessed value.
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