A California property has a Proposition 13 assessed value of $500,000. The base ad valorem tax rate is 1%, and the property is in a Mello-Roos CFD with a $2,400 annual special tax. The property also has a direct assessment of $600 per year for a local improvement district. What is the total annual tax bill?
Correct Answer
C) $8,000
Base Prop 13 tax: $500,000 × 1% = $5,000. Mello-Roos special tax: $2,400. Local improvement district assessment: $600. Total: $5,000 + $2,400 + $600 = $8,000.
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