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5 YEAR 20-Oct-06
<br />MARC & JEANETTE BURDELL
<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 />$330.000.00
<br />Total Taxes Tax Abated"" Tax Paid***
<br />280,500.00 280,500.00 280,500.00
<br />10,000.00 N/A N/A
<br />290,500.00 280,500.00 280,500.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(35,000.00) (35,000.00) (35,000.00)
<br />252,500.00 242,500.00 242,500.00
<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 />N/A N/A (74,880.00)
<br />N/A (167,620.00) N/A
<br />N/A N/A 10,000.00
<br />252,500.00 74,880.00 177,620.00 ,
<br />5.1524% 5.1524% 5.1524%
<br />Gross Tax (tax rate x net assessed value) 13,009.81 3,858.12 9,151.69
<br />Less SRTC: 21.6906% (2,821.91) (836.85) (1,985.06)
<br />Less Homestead Credit: 32.0670% (3,266.96) (968.83) (2,298.13)
<br />Net Tax 6,920.94 2,052.44 4,868.51
<br />
<br />
<br />Year Net
<br />Assessed
<br />Value Total
<br />Taxes
<br />Due
<br />Tax
<br />Abated
<br />Tax
<br />Paid
<br />1 252,500.00 6,920.94 2,052.44 4,868.51
<br />2 252,500.00 6,920.94 2,052.44 4,868.51
<br />3 252,500.00 6,920.94 2,052.44 4,868.51
<br />4 252,500.00 6,920.94 2,052.44 4,868.51
<br />5 252,500.00 6,920.94 2,052.44 4,868.51
<br /> 5 year totals: 34,604.72 10,262.19 24,342.53
<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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