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. Deadline for filing personal property statements






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






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






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






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






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






7. Who may ask for establishment of an industrial facility tax exemption district?






8. Tax day






9. The four basic steps in the sales comparison approach is _






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






11. July Board of Review begins






12. The three categories of depreciation are _






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






14. Monday December Board of Review begins






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






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






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






18. Approved by voters in 1978






19. 1 acre =






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






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






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






23. One use of land value maps is to _






24. Inventory (is/is not) exempt






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






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






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






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






29. There are _ in a geographical township






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






31. The rights of ownership removed by government are _






32. Formula used to calculate taxes is _






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






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






35. If the subject property has a fireplace and air-conditioning and the comp has only air-conditioning - what adjustment would be made to what property?






36. _ 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






37. Michigan's Constitution provides for _ of taxation






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






39. _ measures value in exchange; it is based on the principle of substitution






40. Pole barns - silos - and large grain bins are considered _






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






42. Sections in a township start _






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






44. Market value of property is _






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






46. When measuring a house - you use _ measurements






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






48. Value is determined by _






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






50. 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 _