Question

Assume the property tax rate for Minneapolis is $8.77 per square foot, and the Denver rate is $2.24 a square foot. If 4,300 square feet is occupied at each location what is the difference paid in property taxes? Do not round intermediate calculations

Answer 1

Propery tax rate for Minneapolis = $8.77 per Square foot

Propery tax rate for Denver= $2.24 per Square foot

Occupation at each location = 4,300 Square foot

Property tax at Minneapolis = Occupation at each location * Propery tax rate for Minneapolis

= 4,300 * $8.77

= $37,711

Property tax at Denver= Occupation at each location * Propery tax rate for Denver

= 4,300 * $2.24

= $9,632

Difference paid in Property taxes = Property tax at Minneapolis - Property tax at Denver

= $37,711 - $9,632

= $28,079

Therefore, Difference paid in Property taxes is $28,079