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5 YEAR 9-Jul-07
<br />NOIRE DAME AVENUE, LLC
<br />South Bend Porfage Township Residential Real Property Tax Abatement Schedule*
<br />Estimated Project Cost
<br />Assessed Value:
<br />STRlJCTURE (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 />X385,000.00
<br />Total Taxes Tax Abated** Tax Paid***
<br />327,250.00 327,250.00 327,250.00
<br />10,000.00 N/A N/A
<br />337,250.00 327,250.00 327,250.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(35,000.00) (35,000.00). (35,000.00.
<br />299,250.00 289,250.00 289,250.00
<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 />N/A N/A (74,880.00)
<br />N/A (214,370.00) N/A
<br />N/A N/A 10,000.00
<br />299,250.00 74,880.00 224,370.00
<br />5.1524% 5.1524% 5.1524%
<br />15,418.56 3,858.12 11,560.44
<br />(3,344.38) (836.85) (2,507.53)
<br />(3,871.83) (968.83) (2,903.00)
<br />8,202.35 2,052.44 6,149.91
<br />Total
<br /> Assessed Taxes Tax Tax
<br />Year Value Due Abated Paid
<br />1 299,250.00 8,202.35 2,052.44 6,149.91
<br />2 299,250.00 8,202.35 2,052.44 6,149.91
<br />3 299,250.00 8,202.35 2,052.44 6,149.91
<br />4 299,250.00 8,202.35 2,052.44 6,149.91
<br />5 299,250.00 8,202.35 2,052.44 6,149.91
<br /> 5 year totals: 41,011.75 10,262.19 30,749.56
<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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