Problem

Write an application that helps landowners determine what their property tax will be for the current year. Taxes are based on the property's assessed value and the annual mileage rate. The established mileage rate for the current year is $10.03 per $1000 value. Homeowners are given a $25,000 tax exemption, which means they may subtract $25,000 from the assessed value prior to calculating the taxable value. Enable users to enter the property address and the prior year's assessed value. The township has decided to increase all properties' assessed value 2.7% for the current year to add additional monies to the school budget line. Provide methods to compute and return the new assessed value and the proposed taxes for the current year. Provide another method that displays the formatted values.