MONARCH TAX ABATEMENT IMPACT

AVERAGE SELLING PRICE $279,259

279,259 X 34.98%
RATIO = $97,684.80
ASSESSED VALUE

AD VALOREM TAX =
$97,684.8 X 6.209
RATE / 100 =
$6,065.25

ABATEMENT BENEFIT
YEAR NO ABATEMENT 20% METHOD 40% METHOD 20% METHOD 40% METHOD
1 $ 6,065.25 $ 2,426.10 $ (6,065.25) $ (3,639.15)
2 $ 6,065.25 $ 1,213.05 $ 2,426.10 $ (4,852.20) $ (3,639.15)
3 $ 6,065.25 $ 2,426.10 $ 2,426.10 $ (3,639.15) $ (3,639.15)
4 $ 6,065.25 $ 3,639.15 $ 2,426.10 $ (2,426.10) $ (3,639.15)
5 $ 6,065.25 $ 4,852.20 $ 2,426.10 $ (1,213.05) $ (3,639.15)

TOTAL FOR 1 UNIT $ 30,326.25 $ 12,130.50 $ 12,130.50 $ (18,195.75) $ (18,195.75)

X 63 X 63 X 63 X 63 X 63
5 YEARS (63 UNITS) $ 1,910,553.75 $ 764,221.50 $ 764,221.50 $ (1,146,332.25) $(1,146,332.25)

ANNUAL COLLECTION WITHOUT ABATEMENT: 63 X $6,065.25: $382,110.75 TIMES 5 EQUAL $ 1,910,553.75

ANNUAL COLLECTION WITH ABATEMENT: 63 X $2,426.10: $152,844.30 TIMES 5 EQUAL $ 764,221.50

PLAINFIELD'S TAX PAYERS WOULD LOSE $ 1,146,332.25

COST TO ALL HOMEOWNERS BASED ON AN AVERAGE ASSESSMENT OF $113,000 $ 102.03