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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 cost approach is used to estimate _ of an _






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






3. True cash value is _






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






5. Public rights-of-way are _






6. Special assessment districts are commonly used for _






7. The formula for calculating tax bills is _






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






9. 1 acre =






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






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






12. _ soil is considered the most productive






13. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin






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






15. Deadline for filing Principal Residence Affidavits






16. All meetings of the BOR are governed by the _






17. Formula used to calculate taxes is _






18. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them






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






20. 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.






21. May change assessment for current year






22. The Board of Review was created by the _ of 1893






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






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






25. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _






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






27. _ 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






28. July Board of Review begins






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






30. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property






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






32. Unknown dimension formula






33. 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 _






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






35. _ are used to value income-producing residential property






36. The most common types of ownership are _






37. Cost to construct an exact duplicate of the subject






38. Deadline for filing personal property statements






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






40. One use of land value maps is to _






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






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






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






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






45. The _ determines the size for rates






46. Taxable personal property includes all property not expressly _






47. Personal property statemetns are due on _






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






49. Methods used to describe property in Michigan






50. The formula for calculating income is _







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