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






2. The rights of ownership (bundle of rights) enjoyed by the owner of real estate






3. All meetings of the BOR are governed by the _






4. Michigan's Constitution uses _ to determine assessments






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






6. One use of land value maps is to _






7. Movable irrigation systems including pumps not an integral part of a well are _ and are _






8. Personal property forms must be approved by the _






9. Deadline for filing Principal Residence Affidavits






10. The most common types of ownership are _






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






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






13. You verify a sale _






14. The difference between commercial and industrial property is _






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






16. 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






17. The cost approach is used to estimate _ of an _






18. The value of vacant land is estimated using _






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






20. _ soil is considered the most productive






21. Potential income minus vacancy - bad debt - and operating expenses is the _






22. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered






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






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






25. A depth factor chart is used to adjust lots that are _






26. _ 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






27. Taxable personal property includes all property not expressly _






28. When measuring a house - you use _ measurements






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






30. The amount of money or goods you can receive if you sell property






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






32. 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.






33. July Board of Review begins






34. Vacant land adjustments have to be made for differences in _






35. Special assessments are not levied on all real and personal property that...






36. The formula for calculating tax bills is _






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






38. Used to estimate the cost of constructing improvements to the land






39. Special assessments must _ the properties in the district






40. Formula used to calculate taxes is _






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






42. Leased property is...






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






44. Market value of property is _






45. _ is the rent actually received for a property






46. The definition of market value is _






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






48. The highest degree of ownership






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






50. Personal property may be _