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5 YEAR 6-Mar-08
<br />Deanna Boykins
<br />South Bend German Township Residential Rea! Property Tax Abatement Schedule*
<br />Estimated Project Cost:
<br />$116,190.00
<br />Total Taxes Tax Abated** Tax Paid***
<br />Assessed Value:
<br />STRUCT9URE (assume 85% of project cost) 98,761.50 98,761.50 98,761.50
<br />LAND (assume $10,000) 10,000.00 N/A N/A
<br />Gross Assessed Value 108,761.50 98,761.50 98,761.50
<br />Less Mortgage Exemption (3,000.00) (3,000.00) (3,000.00)
<br />Less Standard Homeowners Deduction (35,000.00) (35,000.00) (35,000.00)
<br />Base Assessed Value - 70,761.50 60,761.50 60,761.50
<br />Less Maximum Abatement Deduction
<br />Less Non-Abated Amount
<br />Plus Land Assessed Value .
<br />.> Net Assessed Value
<br />N/A N/A (60,761.50)
<br />N/A 0.00 N/A
<br />N/A N/A 10,000.00
<br />70,761.50 60,761.50 10,000.00
<br />Property Taxes:
<br />Assume constant tax rate of 5.1376% 5.1376% 5.1376%
<br />Gross Tax (tax rate x net assessed value) 3,635.44 3,121.68 513.76
<br />Less SRTC: 21.7293% (789.96) (678.32) (111.64)
<br />Less Homestead Credit: 32.1230% (914.06) (784.88) (129:17)
<br />Net Tax 1,931.43 1,658.48 272.95
<br />Net ~ Total
<br />Assessed Taxes Tax Tax
<br />Year Value Due Abated Paid
<br />1 70,761.50 1,931.43 1,658.48 272.95
<br />2 70,761.50 1,931.43 1,658.48 272.95
<br />3 70,761.50 1,931.43 1,658.48 272.95
<br />4 70,761.50 1,931.43 1,658.48 272.95
<br />5 70,761.50 1,931.43 1,658.48 272.95
<br /> 5 year totals: 9,657.13 8,292.41 1,364.77
<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 ad'tling back the land assessed value.
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