Real Estate Math
A Mississippi commercial lease requires the tenant to pay their pro-rata share of property taxes. The building has 40,000 SF total. The tenant leases 8,000 SF. Annual property taxes are $60,000. The tenant's annual tax obligation is:
A$12,000✓ Correct
B$7,500
C$15,000
D$6,000
Explanation
Tenant's pro-rata share = Tenant's space ÷ Total building SF = 8,000 ÷ 40,000 = 20%. Annual tax obligation = $60,000 × 20% = $12,000.
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