Chapter 3, Problem 16PC

Senior Citizen Property Tax

Madison County provides a $5,000 homeowner exemption for its senior citizens. For example, if a senior’s house is valued at $158,000, its assessed value would be $94,800, as explained above. However, he would only pay tax on $89,800. At last year s tax rate of $2.64 for each $100 of assessed value, the property tax would be $2,370.72. In addition to the tax break, senior citizens are allowed to pay their property tax in four equal payments. The quarterly payment due on this property would be $592.68. Write a program that asks the user to input the actual value of a piece of property and the current tax rate for each $100 of assessed value. The program should then calculate and report how much annual property tax a senior homeowner will be charged for this property, and what the quarterly tax bill will be.