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 return on the investment called in the capitalization rate is _






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






3. Sections in a township start _






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






5. A consumer must be able to purchasee the property






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






7. The definition of market value is _






8. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer






9. The cost approach is used to estimate _ of an _






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






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






12. 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 _






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






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






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






16. Deadline for filing personal property statements






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






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






19. The discount rate may be developed by the following:






20. The highest degree of ownership






21. 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






22. Not transfers of ownership






23. Value is determined by _






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






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






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






27. The physical land and any structure attached to it






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






29. The BOR _ and _ the roll






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






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






32. Personal property statemetns are due on _






33. There are _ in a geographical township






34. Equity at the local level is the responsibility of the _






35. Computer assisted mass appraisal






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






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






38. A private claim describes property that was occupied prior to the _






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






40. Cost to construct an exact duplicate of the subject






41. Two types of maps that are used in valuing agricultural land are _ maps and _ maps






42. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _






43. Article 9 of the Michigan Constitution provides for uniform property taxation which may not exceed _ of true cash value which is defined as being the _






44. Net income is _ minus _






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






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






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






48. The formula for calculating tax bills is _






49. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;






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