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. Enacted in 1893






2. Equity within the 83 counties of the state is the responsibility of the _






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






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






5. Net income is _ minus _






6. A consumer must be able to purchasee the property






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






8. The market rent times the number of units availabe to rent is _






9. The government retains the following powers






10. 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






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






12. 1 acre =






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






14. The Board of Review was created by the _ of 1893






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






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






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






18. Special assessment districts are commonly used for _






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






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






21. Deadline for filing Principal Residence Affidavits






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






23. Taxable personal property includes all property not expressly _






24. Inventory (is/is not) exempt






25. is the rent a property could command on the open market






26. The three categories of depreciation are _






27. 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.






28. _ is the rent actually received for a property






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






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






31. The definition of market value is _






32. Unknown dimension formula






33. A platted subdivision is described by _






34. _ soil is considered the most productive






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






36. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April






37. You verify a sale _






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






39. In a cost approach program - the computer system should estimate _ less _






40. To calculate a gross rent multiplier - _






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






42. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year






43. Cost to construct improvement with the same functional utility of the subject






44. The formula for calculating rate is _






45. In heavily wooded areas where property lines may be difficult to identify - it is important that the owners protect their property from being claimed under _






46. _ 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.






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






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






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






50. The formula for calculating value is _