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






2. Public rights-of-way are _






3. The difference between commercial and industrial property is _






4. Market value of property is _






5. Approved by voters in 1978






6. The formula for calculating tax bills is _






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






8. The physical land and any structure attached to it






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






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






11. _ are expenses that may be part of the capitalization rate such as depreciation and property taxes or capital improvement expenses and the owner's costs and corporation costs; also not income taxes.






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






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






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






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






16. Not transfers of ownership






17. Depreciation in the assessing process is expressed as a _






18. The most common types of ownership are _






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






20. 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






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






22. May change assessment for current year






23. 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.






24. _ is estimating the cost of an exact duplication of the building






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






26. The discount rate may be developed by the following:






27. Personal property statemetns are due on _






28. Notices of the decisions of the BOR must be mailed by the _






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






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






31. Deadline for filing Principal Residence Affidavits






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






33. _ is estimating the cost of a building of similar design and utility






34. The government retains the following powers






35. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.






36. The three principal steps in the cost approach are _






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






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






39. Used to value the income stream of a property






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






41. The three categories of depreciation are _






42. Half the base times the height






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






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






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






46. The rights of ownership removed by government are _






47. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4






48. The value property has in a specific use






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






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