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






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






3. It is necessary to have an evening meeting unless the residents...






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






5. In a township - the _ is the secretary of the Board of Review






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






7. Enacted in 1893






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






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






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






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






12. Deadline for filing Principal Residence Affidavits






13. The three approaches to value






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






15. Deadline for filing personal property statements






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






17. Public rights-of-way are _






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






19. Radius squared times Pi (3.1416)






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






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






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






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






24. Tax day






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






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






27. Cost to construct an exact duplicate of the subject






28. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach






29. CAMA system should estimate replacement cost new less depreciation in the _ approach






30. Movable irrigation systems including pumps not an integral part of a well are _ and are _






31. _ 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.






32. July Board of Review begins






33. The three categories of depreciation are _






34. Proposal A had the immediate result of _ property taxes in the state






35. Used to value the income stream of a property






36. Definition of ad valorem






37. Michigan's Constitution uses _ to determine assessments






38. The return on the investment called in the capitalization rate is _






39. Requires that the ratio of assessments to true cash value not exceed 50%






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






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






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






43. _ is the rent actually received for a property






44. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _






45. Formula used to calculate taxes is _






46. 1 acre =






47. The formula for calculating rate is _






48. Half the base times the height






49. Net income is _ minus _






50. A consumer must want the product for it to have value