Smiths Inc. has the following data:

Unit selling price $$10\mathrm{.}00$

Unit variable cost $$6\mathrm{.}00$

Fixed costs $$960,000$

The company is considering moving its operations. The new state has a lower cost of labor reducing variable costs by $10\%.$

The state we currently operate in wants to make a counteroffer to get the company to stay and offers to reduce property taxes. How much would the current state need to lower the property taxes for us to choose to stay if that weren't the only reason for the move? Please use managerial accounting concepts to support your answer.