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5 YEAR 9~fu1-07
<br />NOTRE DAME AVENUE, 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 />$325,000.00
<br />Total Taxes Tax Abated** Tax Paid***
<br />276,250.00 276,250.00 276,250.00
<br />10,000.00 N/A N/A
<br />286,250.00 276,250.00 276,250.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(35,000.00) (35,000.00) (35,000.00)
<br />248,250.00 238,250.00 238,250.00
<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: 21.6906%
<br />Less Homestead Credit: 32.0670%
<br />Net Tax
<br />Net
<br />Assessed
<br />Year Value
<br />N/A N/A (74,880.00)
<br />N/A (163,370.00) N/A
<br />N/A N/A 10,000.00
<br />248,250.00 74,880.00 173,370.00
<br />5.1524% 5.1524% 5.1524%
<br />12,790.83 3,858.12 8,932.72
<br />(2,774.41) (836.85) (1,937.56)
<br />(3,211.97) (968.83) (2,243.14)
<br />6,804.45 2,052.44 4,752.02
<br />Total
<br />Taxes Tax Tax
<br />Due Abated Paid
<br />1 248,250.00 6,804.45 2,052.44 4,752.02
<br />2 248,250.00 6,804.45 2,052.44 4,752.02
<br />3 248,250.00 6,804.45 2,052.44 4,752.02
<br />4 248,250.00 6,804.45 2,052.44 4,752.02
<br />5 248,250.00 6,804.45 2,052.44 4,752.02
<br /> 5 year totals: 34,022.27 10,262.19 23,760.08
<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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