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. Half the base times the height






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






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






4. Leased property is...






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






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






7. A limits the maximum amount of ad valorem taxes that may be levied for school district operating purposes. The change this maximum requires a vote of _ of the legislature to approve.






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






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






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






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






12. When measuring a house - you use _ measurements






13. Michigan's Constitution provides for _ of taxation






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






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






16. To calculate a gross rent multiplier - _






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






18. The formula for calculating tax bills is _






19. Definition of ad valorem






20. 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 _






21. Market value of property is _






22. The BOR _ and _ the roll






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






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






25. Special assessments must _ the properties in the district






26. 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 _






27. _ 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.






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






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






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






31. A depth factor chart is used to adjust lots that are _






32. In a cost approach program - the computer system should estimate _ less _






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






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






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






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






37. The three approaches to value






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






39. One use of land value maps is to _






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






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






42. Buildings on leased lands _ personal property






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






44. Monday December Board of Review begins






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






46. Used to value the income stream of a property






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






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






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






50. Taxable personal property includes all property not expressly _