What is the first tax installment on a property with an assessed value of $180,000, assuming it is eligible for a homeowner's exemption?

To determine the first tax installment on a property with an assessed value of $180,000 that is eligible for a homeowner's exemption, it's essential to understand how property taxes are calculated in California.

Property taxes in California are based on the assessed value of the property, which is typically set at 1% of the assessed value. In addition to this base tax, there can be additional assessments for various local improvements or services. However, the basic tax rate remains a uniform rate of 1%.

For a property with an assessed value of $180,000, the annual property tax amount would be calculated as follows:

1. Calculate the base property tax:

( \text{Base Tax} = \text{Assessed value} \times 1% )

( \text{Base Tax} = 180,000 \times 0.01 = 1,800 )

2. Next, if the property is eligible for the homeowner's exemption, we need to deduct the amount eligible for this exemption. The standard homeowner's exemption reduces the assessed value by $7,000.

Thus, the adjusted assessed value becomes:

( 180,000 - 7,000 = 173,000 \