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 highest degree of ownership






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






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






4. Michigan's Constitution provides for _ of taxation






5. Sections in a township start _






6. _ 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






7. One use of land value maps is to _






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






9. 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 _






10. Value is determined by _






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






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






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






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






15. Not transfers of ownership






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






17. Cost to construct an exact duplicate of the subject






18. The formula for calculating value is _






19. Approved by voters in 1978






20. The formula for calculating rate is _






21. Public rights-of-way are _






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






23. Deadline for filing personal property statements






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






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






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






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






28. The _ determines the size for rates






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






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






31. A platted subdivision is described by _






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






33. 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 _






34. Enacted in 1893






35. Inventory (is/is not) exempt






36. The rights of ownership removed by government are _






37. The formula for calculating income is _






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






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






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






41. Tax day






42. 1 acre =






43. Michigan's Constitution uses _ to determine assessments






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






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






46. The formula for calculating tax bills is _






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






48. Special assessment districts are commonly used for _






49. Leased property is...






50. The value property has in a specific use