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Test your basic knowledge |
MCAO: Michigan Certified Assessing Officer
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Subject
:
certifications
Instructions:
Answer 50 questions in 15 minutes.
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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. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;
discount rate - recapture rate - effective tax rate
are not
sales comparison
Form L-4025
2. The second meeting of the BOR is held to _
General Property Tax Act
hear appeals from taxpayers or their agents
Township Board; City Council
Form L-4046
3. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
State Tax Commission
typical farm buildings
soil survey; land value
fee simple - partial estate - and life estate
4. _ is estimating the cost of an exact duplication of the building
property record cards and assessment maps
Tuesday following the second
$1 per acre
Reproduction cost
5. Buildings on leased lands _ personal property
economic obsolescense
are
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
Private Forest Reserve
6. _ measures value in exchange; it is based on the principle of substitution
cost approach
direct sales comparison
Site/location
The Land Residual
7. Movable irrigation systems including pumps not an integral part of a well are _ and are _
depreciation
physical - functional - and economic
agricultural personal property; exempt
December 31
8. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
Form L-4260
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
at value
uniform rates
9. The value of vacant land is estimated using _
sales prices of other parcels similar to the property being appraised
uniform rates
benefits from the special assessment
value in use
10. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
never the land
Form L-4154
Form L-4025
# of acres times 43 -560 divided by known dimension
11. Equity within the county is the responsibility of the _
by contacting one of the parties to the transaction (buyer - seller - or realtor)
discount rate - recapture rate - effective tax rate
Michigan Constitution
County Board of Commissioners
12. _ includes the discount rate - recapture rate - and the effective rate.
Capitalizaiton rate
exempted
Michigan Constitution
Taxable Value X Millage Rate
13. Most taxpayers must appeal to the local _ before appealing to the _
Board of Review; Michigan Tax Tribunal
economic obsolescense
Tuesday following; first Monday in March
real and personal
14. There are _ in a section
October 31
640 acres
track land sales
supervisor
15. Computer assisted mass appraisal
CAMA
ground floor area
never the land
potential income; vacancy - bad debt and operating expenses
16. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
Headlee Amendment
12
Private Forest Reserve
county multipliers
17. Net income is _ minus _
potential income; vacancy - bad debt and operating expenses
Form L-4024
Reproduction cost
12
18. _ is used to adjust the cosst approach to market value for residential properties
Economic condition factor
Form L-4054
CAMA
uniform rates
19. Market value of property is _
replacement cost
net income
the usual selling price of a property in an open-market transaction with a willing buyer and seller who desire to come to terms but who are under no undue constraints to do so
present worth
20. The formula for calculating income is _
rate x value
Headlee Amendment
uniform rates
discount rate - recapture rate - effective tax rate
21. Not transfers of ownership
General Land Office survey
owners and interested parties of the property to be assessed
deed- land contract- conveyance to a trust- distribution from a trust- change in beneficiary of trust- distribution after owner dies- lease- corporation partnership- tenancy in common transfers of ownership- spouse to spouse- tenancy by entireties- l
County Board of Commissioners
22. The difference between commercial and industrial property is _
Industrial Facility Tax Abatement
Number 1
May 1
the property owner or lessee - or the local government may begin the process of its own volition
23. 1 mile =
Taxable Value x Millage Rate = Tax Bill
adverse possession
benefits from the special assessment
5 -280 lineal feet
24. Notices of the decisions of the BOR must be mailed by the _
first Monday in June
income
track land sales
contract rent
25. Pole barns - silos - and large grain bins are considered _
discount rate - recapture rate - effective tax rate
County Board of Commissioners
typical farm buildings
Michigan General Property Tax Act
26. The three principal steps in the cost approach are _
the usual selling price of a property in an open-market transaction with a willing buyer and seller who desire to come to terms but who are under no undue constraints to do so
CAMA
potential income; vacancy - bad debt and operating expenses
a. valuing the land separately using market data b. estimating the reproduction or replacement of the subject by building a substitute c. estimating the depresiation of the subject from the time it was built to the date of the assessment
27. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
sales prices of other parcels similar to the property being appraised
CAMA
Federal Northwest
28. Cost to construct improvement with the same functional utility of the subject
exempt
are not
directly benefit
replacement cost
29. 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.
is
3/4 Proposal
12
expenses allowable
30. Radius squared times Pi (3.1416)
Circle computation of area
50%; usual selling price
income approach
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
31. Special assessments must _ the properties in the district
taxation - eminent domain - and police powers
demand one
Replacement cost
directly benefit
32. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
Private Forest Reserve
ground floor area
sales comparison approach
operating expenses
33. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
Site/location
taxation - eminent domain - and police powers
never the land
present worth
34. Used to value the income stream of a property
taxation - eminent domain - and police powers
the reasonably probable and legal use of vacant land or improved property - which is physically possible - appropriately supported - financially feasible - and that results in the highest value
hear appeals from taxpayers or their agents
income approach
35. The three approaches to value
cost - sales comparison (market) - and income
Taxable Value x Millage Rate = Tax Bill
real estate
exempt
36. A private claim describes property that was occupied prior to the _
Interest or discount
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
receives and reviews
General Land Office survey
37. In a township - the _ is the secretary of the Board of Review
supervisor
cost approach
Number 1
northeast corner with section 1 and proceed west to section 6
38. 1 acre =
are not
assessor and Board of Review
43 -560 square feet
Front foot
39. Personal property may be _
cost
tangible or intangible
Tuesday following Third Monday
value in exchange
40. Requires that the ratio of assessments to true cash value not exceed 50%
Township Board; City Council
adverse possession
Michigan Constitution
gross rent multipliers
41. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
Tuesday following Third Monday
physical - functional - and economic
to hear appeals of the tentative taxable value
lots and blocks
42. Potential income minus vacancy - bad debt - and operating expenses is the _
lots and blocks
net income
market rent
Interest or discount
43. In a cost approach program - the computer system should estimate _ less _
replacement cost new; depreciation
Industrial Facility Tax Abatement
Headlee Amendment
income
44. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
depreciation
Taxable Value x Millage Rate = Tax Bill
effective gross income
partial estate
45. Depreciation in the assessing process is expressed as a _
percent good
cost
Michigan General Property Tax Act
Tuesday following First Monday
46. Deadline for filing Principal Residence Affidavits
uniform rates
May 1
percent good
50%; usual selling price
47. Personal property statemetns are due on _
Genesee County
February 20
Form L-4022
Number 1
48. _ soil is considered the most productive
Number 1
agricultural personal property; exempt
present worth
potential income; vacancy - bad debt and operating expenses
49. Tax day
operating expenses
branches
December 31
deed- land contract- conveyance to a trust- distribution from a trust- change in beneficiary of trust- distribution after owner dies- lease- corporation partnership- tenancy in common transfers of ownership- spouse to spouse- tenancy by entireties- l
50. Taxable personal property includes all property not expressly _
43 -560 square feet
effective gross income
exempted
taxes
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