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5 YEAR
<br />22-May-09
<br />CLELAND BUILDERS, INC.
<br />South Bend German 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 />137:000.00
<br />Total Taxes Tax Abated** Tax Paid***
<br />127, 000.00 127,000.00 127, 000.00
<br />10,000.00 N/A N/A
<br />137 , 000.00 127 , 000.00 12 7 , 000.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(45,000.00) (45,000.00) (45,000.00)
<br />(31,150.00) (31,150.00) (31,150.00)
<br />57,850.00 47,850.00 47,850.00
<br />Less Maximum Abatement Deduction
<br />Less Non-Abated Amount
<br />Plus Land Assessed Value
<br />Net Assessed Value
<br />Prooerty Taxes:
<br />Assume constant tax rate of
<br />NIA N/A (47,850.00)
<br />N/A 0.00 N/A
<br />N/A N/A 10,000.00
<br />57,850.00 47,850.00 10,000.00
<br />4.3404% 4.3404% 4.3404%
<br />Gross Tax (tax rate x net assessed value) 2,510.92 2,076.88 434.04
<br />Less State & County Homestead Credit: 0.4611 % (266.75) (220.64) (46.11)
<br />Tax Due Before Circuit Breaker 2,244.18 1,856.25 387.93
<br />Less Circuit Breaker Credit (531.76) (531.76) 0.00
<br />Net Tax 1,712.41 1,324.48 387.93
<br />Circuit Breaker Cap
<br />Circuit Breaker 1.0000% 1,370.00 1,270.00 1,370.00
<br />Debt Service 0.5919% 342.41 283.22 59.19
<br />Circuit Braker Cap 1,712.41 1,553.22 1,429.19
<br />Net Total
<br /> Assessed Taxes Tax Tax
<br />Year Value Due Abated Paid
<br />1 57,850.00 1,712.41 1,324.48 387.93
<br />2 57,850.00 1,712.41 1,324.48 387.93
<br />3 57,850.00 1,712.41 1,324.48 387.93
<br />4 57,850.00 1,712.41 1,324.48 387.93
<br />5 57,850.00 1,712.41 1,324.48 387.93
<br /> 5yeartotals: 8,562.07 6,622.42 1,939.65
<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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