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






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






3. There are _ in a geographical township






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






5. _ was designed to provide for the exemption from certain taxes; to levy and collect a specific tax from the owners of properties so exempted; and to provide for the transfer of the exemption certificates; also prescribes the power and dute of the STC






6. Sections in a township start _






7. Deadline for filing Principal Residence Affidavits






8. The CAMA system should be able to select comparable sales - make adjustments to the comps - and come up with an estimate of market value for the subject in the _ approach






9. The government retains the following powers






10. _ is the rent actually received for a property






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






12. The value property has in a specific use






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






14. The formula for calculating rate is _






15. Length times the width






16. Computer assisted mass appraisal






17. The BOR _ and _ the roll






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






19. You verify a sale _






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






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






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






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






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






25. 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.






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






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






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






29. 1 mile =






30. July Board of Review begins






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






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






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






34. The formula for calculating income is _






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






36. 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?






37. Deadline for filing personal property statements






38. Taxable personal property includes all property not expressly _






39. Taxable unless specifically exempted






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






41. Special assessment districts are commonly used for _






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






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






44. Market value of property is _






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






46. Cost to construct an exact duplicate of the subject






47. Radius squared times Pi (3.1416)






48. A platted subdivision is described by _






49. The highest degree of ownership






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