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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 usual reference source regarding assessment and taxes






2. 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






3. Computer assisted mass appraisal






4. Public rights-of-way are _






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






6. Deadline for filing Principal Residence Affidavits






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






8. Taxable personal property includes all property not expressly _






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






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






11. The formula for calculating rate is _






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






13. When appraising a commercial building - you should remember that unlike building - land is...






14. Management costs in timber-cutover include _ which are usually the largest expense in this classification






15. Cost to construct improvement with the same functional utility of the subject






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






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






18. Used to value the income stream of a property






19. 1 acre =






20. Formula used to calculate taxes is _






21. _ 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.






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






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






24. Deadline for filing personal property statements






25. Leased property is...






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






27. Market value of property is _






28. In July and December - the BOR may meet to _






29. To calculate a gross rent multiplier - _






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






32. Tax day






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






34. 1 mile =






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






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






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






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






39. Radius squared times Pi (3.1416)






40. 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 _






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






42. Definition of ad valorem






43. Personal property statemetns are due on _






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






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






46. Net income is _ minus _






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






48. Buildings on leased lands _ personal property






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






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







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