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5 YEAR 30-Aug-06
<br />ROJO DEVELOPMENT INC. (NORAWOOD MANOR)
<br />South Bend Centre 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 />$3,250,000.00
<br />Total Taxes Tax Abated** Tax Paid***
<br />2,762,500.00 2,762,500.00 2,762,500.00
<br />10,000.00 N/A N/A
<br />2,772,500.00 2,762,500.00 2,762,500.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(35,000.00) (35,000.00) (35,000.00)
<br />2,734,500.00 2,724,500.00 2,724,500.00
<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: 21.7230%
<br />Less Homestead Credit: 32.0952%
<br />Net Tax
<br />Net
<br />Assessed
<br />Year Value
<br />N/A N/A (74,880.00)
<br />N/A (2,649,620.00) N/A
<br />N/A N/A 10,000.00
<br />2,734,500.00 74,880.00 2,659,620.00
<br />5.1338% 5.1338% 5.1338%
<br />140,383.76 3,844.19 136,539.57
<br />(30,495.56) (835.07) (29,660.49)
<br />(35,268.84) (965.78) (34,303.05)
<br />74,619.36 2,043.34 72,576.03
<br />Total
<br />Taxes Tax Tax
<br />Due Abated Paid
<br />1 2,734,500.00 74,619.36 2,043.34 72,576.03
<br />2 2,734,500.00 74,619.36 2,043.34 72,576.03
<br />3 2,734,500.00 74,619.36 2,043.34 72,576.03
<br />4 2,734,500.00 74,619.36 2,043.34 72,576.03
<br />5 2,734,500.00 74,619.36 2,043.34 72,576.03
<br /> 5 year totals: 373,096.78 10,216.68 362,880.15
<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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