Lucy purchases a house in Ann Arbor for 700,000 at the beginning of this year. At that time, the house had a taxable value to the prior owner of 300,000. Lucy will use this house as a second home for use in the summer and a rental property in the winter. Assume Ann Arbor has a PRE millage rate of 53 and a non PRE millage rate of 76. 

How much will Lucy pay in property taxes this year? 

Answer rating: 100% (QA)

To calculate Lucys property taxes for the year we need to calculate the taxable value of the propert... View the full answer