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 definition of the economic principle of highest and best use is _






2. Formula used to calculate taxes is _






3. Radius squared times Pi (3.1416)






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






5. Definition of ad valorem






6. Churches - schools - libraries and similar institutions are usually...






7. _ includes the discount rate - recapture rate - and the effective rate.






8. Approved by voters in 1978






9. 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






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






11. Personal property statemetns are due on _






12. You verify a sale _






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






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






15. Used to value the income stream of a property






16. Buildings on leased lands _ personal property






17. 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 _






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






19. The capitalization rate includes the _ - _ and the _






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






21. Length times the width






22. _ are those expenses necessary for generating income. This includes reserves for replacements - accounting fees - advertising costs - maintenance costs such as lawn care - snow removal - repairs - trash removal - utilities - and a maintenance manager






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






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






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






26. There are _ in a geographical township






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






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






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






30. Enacted in 1893






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






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






33. Deadline for filing Principal Residence Affidavits






34. Computer assisted mass appraisal






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






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






37. Unknown dimension formula






38. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered






39. Taxable unless specifically exempted






40. Notice of special assessment public hearings must be given to _






41. Economic condition factors (are/are not) applied to land and buildings






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






43. The formula for calculating tax bills is _






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






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






46. When measuring a house - you use _ measurements






47. July Board of Review begins






48. If the subject property has a fireplace and air-conditioning and the comp has only air-conditioning - what adjustment would be made to what property?






49. The value property has in a specific use






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