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. 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






2. Inventory (is/is not) exempt






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






4. Michigan's Constitution provides for _ of taxation






5. Leased property is...






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






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






8. The _ to value is best used for mass appraisals being done by the assessor.






9. True cash value is _






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






11. Value is determined by _






12. 1 mile =






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






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






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






16. Net income is _ minus _






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






18. The formula for using a gross rent multiplier to determine market value is _






19. Public rights-of-way are _






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






21. The highest degree of ownership






22. Deadline for filing Principal Residence Affidavits






23. Taxable personal property includes all property not expressly _






24. The value of vacant land is estimated using _






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






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






27. The three categories of depreciation are _






28. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April






29. There are _ in a section






30. The formula for calculating income is _






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






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






33. Not transfers of ownership






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






35. The rights of ownership removed by government are _






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






37. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin






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






39. Personal property may be _






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






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






42. Churches - schools - libraries and similar institutions are usually...






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






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






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






46. Assessor Affidavit Regarding 'Uncapping' of Taxable Value; used when it is discovered that a property value should have been uncapped but wasn't






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






48. Cost to construct an exact duplicate of the subject






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






50. March Board of Review begins