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. True cash value is _






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






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






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






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






6. The definition of the economic principle of highest and best use is _






7. Half the base times the height






8. _ is a loss of utility and therefore of value from any cause






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






10. The BOR _ and _ the roll






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






12. May change assessment for current year






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






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






15. 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?






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






17. 1 mile =






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






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






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






21. _ 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






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






23. When measuring a house - you use _ measurements






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






25. Radius squared times Pi (3.1416)






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






27. Market value of property is _






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






29. Net income is _ minus _






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






31. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _






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






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






34. The most common types of ownership are _






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






36. The definition of market value is _






37. A platted subdivision is described by _






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






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






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






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






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






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






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






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






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






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






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






50. Value is determined by _