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. March Board of Review begins






2. A consumer must be able to purchasee the property






3. You verify a sale _






4. 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






5. Capped value is _

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


6. The BOR _ and _ the roll






7. Net income is _ minus _






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






9. _ 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






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






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






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






13. Movable irrigation systems including pumps not an integral part of a well are _ and are _






14. Definition of ad valorem






15. Requires that the ratio of assessments to true cash value not exceed 50%






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






17. Pole barns - silos - and large grain bins are considered _






18. Personal property statements (are/are not) available to the public under the Freedom of Information Act.






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






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






21. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _






22. There are _ in a geographical township






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






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






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






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






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






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






29. Public rights-of-way are _






30. Deadline for filing Principal Residence Affidavits






31. The _ to value is best used for mass appraisals being done by the assessor.






32. The definition of market value is _






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






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






35. The _ determines the size for rates






36. Monday December Board of Review begins






37. The physical land and any structure attached to it






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






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






40. The three categories of depreciation are _






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






42. Personal property statemetns are due on _






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






44. 1 acre =






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






46. Market value of property is _






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






48. Tax day






49. Special assessments are not levied on all real and personal property that...






50. The rights of ownership removed by government are _