Revies a tax on the assessed value of real property located within the city limits. The tax is based on the basic real property tax rate used in California. California's property tax fiscal year runs July 1 to June 30. The property is valued as of January 1 BEFORE the beginning of the tax year or the date of acquisition, whichever occurs first. For example, the taxes you pay for the FYE ending June 30, 2006 are based on the value on January 1, 2005 (an 18 month lag). [The information in this paragraph is just restating California law and information we discussed in class - it is not new.].- Donald T bought his house October 1, 2015 for $3,000,000. The value of the home on January 1, 2015 was $2,700,000. He paid the purchase price by giving $1.5M cash and a promissory note for the remaining $1,500,000 (this is called seller financing as opposed to bank financing). . The house's fair market value on January 1, 2016, 2017, 2018, 2019 and 2020 were as follows: $3,500,00; $3,450,000, $3,750,000 $3,790,000 and $4,500,000, respectively on each such date. Compute his property tax, and in some instances the property tax of his daughter, owed for each of the five years. 1. What property taxes on this house did Donald T pay for the FYE (fiscal years ending) June 30, 2016, 2017,2018,2019,2020, and 2021? 140 POINTS. 2. If Donald T gave his house to his daughter on February 15, 2021, how would that change his taxes owed for the FYE June 30, 2021 (i.e., what would he owe)? 15 POINTS. 3. What, if anything, would his daughter owe for that same FYE June 30, 2021? 15 POINTS. 4. If Donald T gave his house to his daughter on February 16, 2021, what would he owe for FYE June 30, 2021? 15 POINTS. 5. Assuming the facts in question #4 BUT assuming the house was NOT the house in which Donald T lived, what would his daughter owe for the FYE June 30, 2021? 15 POINTS. Donald T lived in the house (it was his residence) for all of these questions except #5. You can assume the FMV of the house on February 15 or 16 of 2021 was the same as the FMV on January 1, 2021.- Revies a tax on the assessed value of real property located within the city limits. The tax is based on the basic real property tax rate used in California. California's property tax fiscal year runs July 1 to June 30. The property is valued as of January 1 BEFORE the beginning of the tax year or the date of acquisition, whichever occurs first. For example, the taxes you pay for the FYE ending June 30, 2006 are based on the value on January 1, 2005 (an 18 month lag). [The information in this paragraph is just restating California law and information we discussed in class - it is not new.].- Donald T bought his house October 1, 2015 for $3,000,000. The value of the home on January 1, 2015 was $2,700,000. He paid the purchase price by giving $1.5M cash and a promissory note for the remaining $1,500,000 (this is called seller financing as opposed to bank financing). . The house's fair market value on January 1, 2016, 2017, 2018, 2019 and 2020 were as follows: $3,500,00; $3,450,000, $3,750,000 $3,790,000 and $4,500,000, respectively on each such date. Compute his property tax, and in some instances the property tax of his daughter, owed for each of the five years. 1. What property taxes on this house did Donald T pay for the FYE (fiscal years ending) June 30, 2016, 2017,2018,2019,2020, and 2021? 140 POINTS. 2. If Donald T gave his house to his daughter on February 15, 2021, how would that change his taxes owed for the FYE June 30, 2021 (i.e., what would he owe)? 15 POINTS. 3. What, if anything, would his daughter owe for that same FYE June 30, 2021? 15 POINTS. 4. If Donald T gave his house to his daughter on February 16, 2021, what would he owe for FYE June 30, 2021? 15 POINTS. 5. Assuming the facts in question #4 BUT assuming the house was NOT the house in which Donald T lived, what would his daughter owe for the FYE June 30, 2021? 15 POINTS. Donald T lived in the house (it was his residence) for all of these questions except #5. You can assume the FMV of the house on February 15 or 16 of 2021 was the same as the FMV on January 1, 2021