|
5 YEAR 14-Sep-07
<br />JONATHAN BURKHOLDER
<br />South Bend Portage Township Residentiai 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 />Less Maximum Abatement Deduction
<br />Less Non-Abated Amount
<br />Plus Land Assessed Value
<br />Net Assessed Value
<br />$111,700.00
<br />Total Taxes Tax Abated*" Tax Paid**'
<br />94,945.00 94,945.00 94,945.00
<br />.10,000.00 N/A N/A
<br />104,945.00 94,945.00 94,945.00
<br />(3,000:00) (3,000.00) (3,000.00)
<br />(35,000.00) (35,000.00) (35,000.00)
<br />66,945.00 56,945.00 56,945.00
<br />N/A N/A (56,945.00)
<br />N/A 0.00 N/A
<br />N/A N/A 10,000.00
<br />66,945.00 56,945.00 10,000.00
<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 />5.1524% 5.1524% 5.1524%
<br />3,449.27 2,934.03 515.24
<br />(748.17) (636.41) (111.76)
<br />(866.16) (736.78) (129.38)
<br />1,834.95 1,560.84 274.10
<br />
<br />
<br />Year Net
<br />Assessed
<br />Value Total
<br />Taxes
<br />Due
<br />Tax
<br />Abated
<br />Tax
<br />Paid
<br />1 66,945.00 1,834.95 1,560.84 274.10
<br />2 66,945.00 1,834.95 1,560.84 274.10
<br />3 66,945.00 1,834.95 1,560.84 274.10
<br />4 66,945.00 1,834.95 1,560.84 274.10
<br />5 66,945.00 1,834.95 1,560.84 274.10
<br /> 5 year totals: 9,174.73 7,804.22 1,370.51
<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 valu . ,~ ®fi~iCB
<br />Fi1~d In Cle~l .-
<br />SEP 1 3 2007
<br />JANN VSO 6E tD, lN.
<br />CITY GLEt,K,
<br />
|