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. Economic condition factors (are/are not) applied to land and buildings






2. Public rights-of-way are _






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






4. Tax day






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






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






7. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin






8. The first meeting of the BOR is held on the _






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






10. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest






11. Equity at the local level is the responsibility of the _






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






13. 1 acre =






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






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






16. 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






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






18. The most common types of ownership are _






19. Formula used to calculate taxes is _






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






21. Potential income minus vacancy - bad debt - and operating expenses is the _






22. There are _ in a section






23. 1 mile =






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






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






26. The physical land and any structure attached to it






27. Taxable unless specifically exempted






28. _ 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






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






30. 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 _






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






32. Used to value the income stream of a property






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






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






35. _ soil is considered the most productive






36. Leased property is...






37. The formula for calculating rate is _






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






39. July Board of Review begins






40. The difference between commercial and industrial property is _






41. Enacted in 1893






42. Michigan's Constitution uses _ to determine assessments






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






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






45. The Tuesday following the third Monday in _ is the _ meeting.






46. The usual reference source regarding assessment and taxes






47. Personal property forms must be approved by the _






48. Deadline for filing personal property statements






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






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