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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 _ determines the size for rates






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






3. Market value of property is _






4. Michigan's Constitution provides for _ of taxation






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






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






7. _ 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.






8. Sections in a township start _






9. A depth factor chart is used to adjust lots that are _






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






11. Formula used to calculate taxes is _






12. March Board of Review begins






13. Approved by voters in 1978






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






15. Special assessment districts are commonly used for _






16. The three approaches to value






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






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






19. Personal property forms must be approved by the _






20. Taxable unless specifically exempted






21. The formula for calculating income is _






22. The value of vacant land is estimated using _






23. 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






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






25. _ 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






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






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






28. A consumer must be able to purchasee the property






29. Computer assisted mass appraisal






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






31. 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 _






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






33. Unknown dimension formula






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






35. May change assessment for current year






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






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






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






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






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






41. Used to estimate the cost of constructing improvements to the land






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






43. _ measures value in exchange; it is based on the principle of substitution






44. _ 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






45. There are _ in a geographical township






46. _ soil is considered the most productive






47. Compares the property beign appraised to similar properties that have recently sold






48. Value is determined by _






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






50. The formula for calculating value is _







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