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. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;






2. Michigan's Constitution provides for _ of taxation






3. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer






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






5. Convened to correct clerical errors - mutual mistakes of fact or qualified errors






6. The most common types of ownership are _






7. Cost to construct an exact duplicate of the subject






8. Length times the width






9. The definition of the economic principle of highest and best use is _






10. Monday December Board of Review begins






11. IFT's affect only the building value...






12. Members of the Board of Review must be _ of the township






13. There are _ in a geographical township






14. The market rent times the number of units availabe to rent is _






15. _ are those expenses necessary for generating income. This includes reserves for replacements - accounting fees - advertising costs - maintenance costs such as lawn care - snow removal - repairs - trash removal - utilities - and a maintenance manager






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






17. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property






18. _ is a loss in value caused by factors outside the property






19. 16 1/2 feet =






20. Deadline for filing personal property statements






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






22. It is necessary to have an evening meeting unless the residents...






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






24. _ is used to adjust the cosst approach to market value for residential properties






25. Formula used to calculate taxes is _






26. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them






27. Enacted in 1893






28. It (is not necessary to use __________ when valuing agricultural property.






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. The second meeting of the BOR is held to _






31. 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






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






33. Equity at the local level is the responsibility of the _






34. Buildings on leased lands _ personal property






35. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?






36. _ soil is considered the most productive






37. The BOR _ and _ the roll






38. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April






39. Approved by voters in 1978






40. Most taxpayers must appeal to the local _ before appealing to the _






41. _ are applied to the cost schedules in the manuals






42. The government is authorized to levy taxes in the _






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






44. Net income is _ minus _






45. _ was designed to provide for the exemption from certain taxes; to levy and collect a specific tax from the owners of properties so exempted; and to provide for the transfer of the exemption certificates; also prescribes the power and dute of the STC






46. The formula for calculating rate is _






47. The three approaches to value






48. If a business fails to file a personal property statement - the assessor shall _






49. Unknown dimension formula






50. Notice of special assessment public hearings must be given to _