Suppose a county tax collector collects property taxes on the assessed value of

Question

Suppose a county tax collector collects property taxes on the assessed value of each piece of real property in their county. Assessed value is calculated at the rate of 60% of the property's actual value. Homeowners who live at their property are provided with a $5,000 homeowner exception that further reduces their assessed value below the 60% level. In addition, homeowners are allowed to be billed in quarterly installments. In the current year, suppose the property tax rate is $2.64 for each $100 of assessed value.

Write a program that prompts for a property's actual value and whether it is owner-occupied for the homeowner's exception. Based on this information, calculate and display the assessed value, the tax owed and what each quarterly tax bill would be (if owner-occupied). The program dialogue is shown below.

What is the property's actual value: 100000
Does the homeowner's exception apply (1=yes, 0=no): 0
Assessed value is $60000
Property tax owed is: $1584.00
Quarterly tax option not available

Do you want to continue [1=yes, 0=no]: 1

What is the property's actual value: 100000
Does the homeowner's exception apply (1=yes, 0=no): 1
Assessed value is $55000
Property tax owed is: $1452.00
Quarterly tax owed is: $363.00

Do you want to continue [1=yes, 0=no]: 1

What is the property's actual value: 158000
Does the homeowner's exception apply (1=yes, 0=no): 1
Assessed value is $89800
Property tax owed is: $2370.72
Quarterly tax owed is: $592.68
Do you want to continue [1=yes, 0=no]: 1

What is the property's actual value: 158000
Does the homeowner's exception apply (1=yes, 0=no): 0
Assessed value is $94800
Property tax owed is: $2502.72
Quarterly tax option not available
Do you want to continue [1=yes, 0=no]: 0

Explanation / Answer

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#include <iostream>
#include <iomanip>
using namespace std;
int main()
{double accessed,tax,exemption,actual;
int exempt,yesno;
do
{
cout<<"What is the property's actual value: ";
cin>>actual;
cout<<"Does the homeowner's exception apply (1=yes, 0=no): ";
cin>>exempt;
accessed=actual*.6;
if(exempt)
    accessed-=5000;
tax=accessed/100.*2.64;
cout<<"Assessed value is $"<<accessed<<endl;
cout<<"Property tax owed is: $"<<setprecision(2)<<fixed<<tax<<endl;
if(exempt==0)
    cout<<"Quarterly tax option not available ";
else
    cout<<"Quarterly tax owed is: $"<<tax/4.<<endl<<endl;
cout<<"Do you want to continue [1=yes, 0=no]: ";
cin>>yesno;
}while(yesno==1);   
system("pause");
return 0;
}

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