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






2. July Board of Review begins






3. Definition of ad valorem






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






5. Initial survey point for Michigan at the intersection of two streets






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






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






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






9. You verify a sale _






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






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






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






13. 1 mile =






14. Length times the width






15. Deadline for filing Principal Residence Affidavits






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






17. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:






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






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






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






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






22. Market value of property is _






23. Monday December Board of Review begins






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






25. The rights of ownership removed by government are _






26. _ are applied to the cost schedules in the manuals






27. Special assessments must _ the properties in the district






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






29. The first meeting of the BOR is held on the _






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






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






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






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






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






35. The value of vacant land is estimated using _






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






37. The formula for calculating income is _






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






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






40. Used to value the income stream of a property






41. March Board of Review begins






42. 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






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






44. _ 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






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






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






47. Special assessment districts are commonly used for _






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






49. Personal property may be _






50. 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 _