Test your basic knowledge |

MCAO: Michigan Certified Assessing Officer

Subject : certifications
  • 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. Enacted in 1893

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

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

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

5. Net income is _ minus _

6. A consumer must be able to purchasee the property

7. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4

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

9. The government retains the following powers

10. 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

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

12. 1 acre =

13. In a residential neighborhood - the measurement usually used in developing cost is _

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

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

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

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

18. Special assessment districts are commonly used for _

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

20. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _

21. Deadline for filing Principal Residence Affidavits

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

23. Taxable personal property includes all property not expressly _

24. Inventory (is/is not) exempt

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

26. The three categories of depreciation are _

27. 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.

28. _ is the rent actually received for a property

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

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

31. The definition of market value is _

32. Unknown dimension formula

33. A platted subdivision is described by _

34. _ soil is considered the most productive

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

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

37. You verify a sale _

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

39. In a cost approach program - the computer system should estimate _ less _

40. To calculate a gross rent multiplier - _

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

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

43. Cost to construct improvement with the same functional utility of the subject

44. The formula for calculating rate is _

45. 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 _

46. _ are expenses that may be part of the capitalization rate such as depreciation and property taxes or capital improvement expenses and the owner's costs and corporation costs; also not income taxes.

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

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

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

50. The formula for calculating value is _