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






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






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






4. The first meeting of the BOR is held on the _






5. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April






6. Radius squared times Pi (3.1416)






7. Special assessment districts are commonly used for _






8. Monday December Board of Review begins






9. May change assessment for current year






10. Compares the property beign appraised to similar properties that have recently sold






11. 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 _






12. Deadline for filing Principal Residence Affidavits






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






14. A consumer must be able to purchasee the property






15. Initial survey point for Michigan at the intersection of two streets






16. A platted subdivision is described by _






17. Personal property forms must be approved by the _






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






19. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _






20. Personal property statements (are/are not) available to the public under the Freedom of Information Act.






21. Taxable personal property includes all property not expressly _






22. Michigan's Constitution provides for _ of taxation






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






24. Buildings on leased lands _ personal property






25. The right to use - occupy - and control a property for the length of the lessee's life






26. The second meeting of the BOR is held to _






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






28. Equity within the county is the responsibility of the _






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






30. IFT certificates are granted for _ years with a possible 2-year construction period






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






32. _ 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






33. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest






34. The formula for calculating income is _






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






36. The formula for calculating rate is _






37. March Board of Review begins






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






39. The General Property Tax Law states that agricultural operations means farming in all its _






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






41. Approved by voters in 1978






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






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






44. Equity within the 83 counties of the state is the responsibility of the _






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






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






47. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _






48. Formula used to calculate taxes is _






49. Public rights-of-way are _






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







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