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5 YEAR 10-Apr-06 <br />HABITAT FOR HUMANITY OF ST. JOSEPH COUNTY <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 />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 />Gross Tax (tax rate x net assessed value): <br />Less SRTC (21.6113%): <br />Less Homestead Credit (24.3982%): <br />Net Tax: <br />$65,000.00 <br />Total Taxes Tax Abated** Tax Paid*** <br />55,250.00 55,250.00 55,250.00 <br />10,000.00 N/A N/A <br />65,250.00 55,250.00 55,250.00 <br />(3,000.00) (3,000.00) (3,000.00) <br />(35,000.00) (35,000.00) (35,000.00) <br />27,250.00 17,250.00 17,250.00 <br />27, 250.00 17, 250.0 0 17, 250.00 <br />N/A N/A ($17,250.00) <br />N/A 0.00 N/A <br />N/A N/A 10,000.00 <br />27, 250.00 17, 250.00 10, 000.00 <br />4.89060% 4.89060% 4.89060% <br />1,332.69 843.63 489.06 <br />(288.01) (182.32) (105.69) <br />(254.88) (161.35) (93.54) <br />789.80 499.96 289.83 <br /> <br />Year Net Assessed Total <br />Value Taxes Due <br />Tax Abated <br />Tax Paid <br />1 27,250.00 789.80 499.96 289.83 <br />2 27,250.00 789.80 499.96 289.83 <br />3 27,250.00 789.80 499.96 289.83 <br />4 27,250.00 789.80 499.96 289.83 <br />5 27,250.00 789.80 499.96 289.83 <br /> 5 year totals: 3,949.00 2,499.80 1,449.15 <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 />~~ ~ j~' ~ <br />~I~~'C ~i'1 ,~,,~CfjC S ®ti4~:~ <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. ~Pfl ~ ~ LOJ <br />dOHt~ VQORDI: <br />CI'Y CLERK, S0. BchD; I'!. _ - <br />