Chapter 3, Problem 18PC

Senior Citizen Property Tax

Madison County provides a $5000 homeowner exemption for senior citizens. For example, if their house is valued at $158,000 its assessed value would be $94,800, as explained above. However they would only pay tax on $89,800. At last year’s tax rate of $2.64 for each $100 of assessed value, their property tax would be $2370.72. 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 their quarterly tax bill will be.