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. Special assessments must _ the properties in the district






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






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






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






5. Formula used to calculate taxes is _






6. In a residential neighborhood - the measurement usually used in developing cost is _






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






8. The formula for calculating tax bills is _






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






10. The BOR _ and _ the roll






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






12. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April






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






14. The rights of ownership removed by government are _






15. The cost approach is used to estimate _ of an _






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






17. The formula for calculating value is _






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






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. _ are applied to the cost schedules in the manuals






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






22. The formula for calculating income is _






23. A platted subdivision is described by _






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






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






26. The highest degree of ownership






27. May change assessment for current year






28. Deadline for filing personal property statements






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






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






31. 16 1/2 feet =






32. The difference between commercial and industrial property is _






33. A consumer must be able to purchasee the property






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






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






36. Inventory (is/is not) exempt






37. Half the base times the height






38. Enacted in 1893






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






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






41. Market value of property is _






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






43. You verify a sale _






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






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






46. The definition of market value is _






47. Who may ask for establishment of an industrial facility tax exemption district?






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






49. Notice of special assessment public hearings must be given to _






50. 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.