Step 1: Preheat your oven to 375°F (190°C). Lightly grease a 9x13 inch baking dish.
Step 2: In a large skillet, brown the ground beef over medium heat. Drain any excess fat.
Step 3: Add the taco seasoning to the browned beef and stir well to combine. Cook for 1-2 minutes, then remove from heat.
Step 4: In a large mixing bowl, combine the seasoned ground beef, refried beans, softened cream cheese, undrained Rotel, and salsa. Mix until all ingredients are well incorporated.
Step 5: Spread the mixture evenly into the prepared baking dish.
Step 6: Sprinkle 1.5 cups of the shredded cheddar cheese and all of the Monterey Jack cheese over the top of the dip mixture. Reserve 0.5 cup of cheddar for later.
Step 7: Bake for 20 minutes. Then, remove from the oven, sprinkle the remaining 0.5 cup of cheddar cheese over the top, and return to the oven for another 5-10 minutes, or until the cheese is melted and bubbly and the dip is heated through.
Step 8: Garnish with optional toppings like sour cream, green onions, jalapeños, or cilantro, if desired. Serve hot with tortilla chips, Fritos, or other dippers.