Madison County provides a $5,000 homeowner exemption for its senior citizens. Fo

Question

Madison County provides a $5,000 homeowner exemption for its senior citizens. For example, if a seniors 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 years tax rate of $2.64 for each $100 of assessed value, the property tax would be $2,370.72. In addition tot he 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.

Explanation / Answer

please rate - thanks #include #include using namespace std; int main() {double actual,rate,assess,tax,payment; // Quarterlypayment coutactual; coutrate; assess=actual*.6-5000;   // 94,800/158,000=.6 tax=assess*rate/100.; payment=tax/4.; cout

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