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5 YEAR 7-Oct-07
<br />KENDALL-WEISS LAFAYETTE FALLS
<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 />$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 />(35,000.00) (35,000.00) (35,000.00)
<br />125,000.00 115,000.00 115,000.00
<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 (40,120.00) N/A
<br />N/A N/A 10,000.00
<br />125,000.00 74,880.00 50,120.00
<br />5.1338% 5.1338% 5.1338%
<br />Gross Tax (tax rate x net assessed value) 6,417.25 3,844.19 2,573.06
<br />Less SRTC: 21.7230% (1,394.02) (835.07) (558.95)
<br />Less Homestead Credit: 32.0952% (1,612.22) (965.78) (646.43)
<br />Net Tax 3,411.01 2,043.34 1,367.68
<br />
<br />
<br />Year Net
<br />Assessed
<br />Value Total
<br />Taxes
<br />Due
<br />Tax
<br />Abated
<br />Tax
<br />Paid
<br />1 125,000.00 3,411.01 2,043.34 1,367.68
<br />2 125,000.00 3,411.01 2,043.34 1,367.68
<br />3 125,000.00 3,411.01 2,043.34 1,367.68
<br />4 125,000.00 3,411.01 2,043.34 1,367.68
<br />5 125,000.00 3,411.01 2,043.34 1,367.68
<br /> 5 year totals: 17,055.05 10,216.68 6,838.42
<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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