Test your basic knowledge |

MCAO: Michigan Certified Assessing Officer

Subject : certifications
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Personal property may be _






2. Buildings on leased lands _ personal property






3. Formula used to calculate taxes is _






4. Personal property statemetns are due on _






5. Deadline for filing Principal Residence Affidavits






6. The _ must approve the application for an IFT before the State Tax Commission approves the application






7. A consumer must be able to purchasee the property






8. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year






9. is the rent a property could command on the open market






10. The three approaches to value






11. The Tuesday following the third Monday in _ is the _ meeting.






12. The Commercial Forest Act permits an owner to put property into a program that permits payment of a _ in lieu of the ad valorem rates






13. The _ determines the size for rates






14. The capitalization rate includes the _ - _ and the _






15. One use of land value maps is to _






16. You verify a sale _






17. The three principal steps in the cost approach are _






18. The Board of Review was created by the _ of 1893






19. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _






20. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _






21. _ is estimating the cost of a building of similar design and utility






22. Two types of maps that are used in valuing agricultural land are _ maps and _ maps






23. A limits the maximum amount of ad valorem taxes that may be levied for school district operating purposes. The change this maximum requires a vote of _ of the legislature to approve.






24. Depreciation in the assessing process is expressed as a _






25. _ measures value in exchange; it is based on the principle of substitution






26. The income approach calculates the _ of a future income stream






27. Tax day






28. 1 acre =






29. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _






30. True cash value is _






31. Notices of the decisions of the BOR must be mailed by the _






32. _ are used to value income-producing residential property






33. Requires that the ratio of assessments to true cash value not exceed 50%






34. In July and December - the BOR may meet to _






35. CAMA system should estimate replacement cost new less depreciation in the _ approach






36. In heavily wooded areas where property lines may be difficult to identify - it is important that the owners protect their property from being claimed under _






37. The value of vacant land is estimated using _






38. Definition of ad valorem






39. If the interest rate is 5% - the effective tax rate is 2% - the recapture rate is 2.5% - and the income attributed to the building is $40 -000. The value of the building is _






40. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property






41. Proposal A had the immediate result of _ property taxes in the state






42. _ is a loss of utility and therefore of value from any cause






43. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.






44. March Board of Review begins






45. If the subject property has a fireplace and air-conditioning and the comp has only air-conditioning - what adjustment would be made to what property?






46. _ includes the discount rate - recapture rate - and the effective rate.






47. _ is estimating the cost of an exact duplication of the building






48. Inventory (is/is not) exempt






49. Management costs in timber-cutover include _ which are usually the largest expense in this classification






50. Net income is _ minus _