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5 YEAR
<br />14-Sep-09
<br />South Bend Heritage Foundation, Inc.
<br />South Bend Portage 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 />$180,000.00
<br />Total Taxes Tax Abated` Tax Paid*~
<br />153, 000.00 153, 000.00 153, 000.00
<br />10,000.00 N/A N/A
<br />163, 000.00 153, 000.00 153, 000.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(45,000.00) (45,000.00) (45,000.00)
<br />(40,250.00) (40,250.00) (40,250.00)
<br />74,750.00 64,750.00 64,750.00
<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 />N/A N/A (64,750.00)
<br />N/A 0.00 N/A
<br />N/A N/A 10,000.00
<br />74,750.00 64,750.00 10,000.00
<br />4.3592% 4.3592% 4.3592%
<br />Gross Tax (tax rate x net assessed value) 3,258.50 2,822.58 435.92
<br />Less State & County Homestead Credit: 0.4625% (345.72) (299.47) (46.25)
<br />Tax Due Before Circuit Breaker 2,912.78 2,523.11 389.67
<br />Less Circuit Breaker Credit (840.34) (840.34) 0.00
<br />Net Tax 2,072.45 1,682.78 389.67
<br />Circuit Breaker Cap
<br />Circuit Breaker 1.0000% 1,630.00 1,530.00 1,630.00
<br />Debt Service 0.5919% 442.45 383.26 59.19
<br />Circuit Braker Cap 2,072.45 1,913.26 1,689.19
<br /> Net Total
<br /> Assessed Taxes Tax Tax
<br />Year Value Due Abated Paid
<br />1 74,750.00 2,072.45 1,682.78 389.67
<br />2 74,750.00 2,072.45 1,682.78 389.67
<br />3 74,750.00 2,072.45 1,682.78 389.67
<br />4 74,750.00 2,072.45 1,682.78 389.67
<br />5 74,750.00 2,072.45 1,682.78 389.67
<br /> 5 year totals: 10,362.23 8,413.88 1,948.35
<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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