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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. _ 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






2. The physical land and any structure attached to it






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






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






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






6. Personal property forms must be approved by the _






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






8. 1 acre =






9. Special assessments must _ the properties in the district






10. Value is determined by _






11. The _ to value is best used for mass appraisals being done by the assessor.






12. Computer assisted mass appraisal






13. If the interest rate is 5% - the effective tax rate is 2% - the recapture rate is 2.5% - and the income attributed to the building is $40 -000. The value of the building is _






14. Leased property is...






15. The CAMA system should be able to select comparable sales - make adjustments to the comps - and come up with an estimate of market value for the subject in the _ approach






16. The three categories of depreciation are _






17. Special assessment districts are commonly used for _






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






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






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






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






22. A platted subdivision is described by _






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






24. July Board of Review begins






25. _ soil is considered the most productive






26. _ are applied to the cost schedules in the manuals






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






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






29. Used to value the income stream of a property






30. The _ must approve the application for an IFT before the State Tax Commission approves the application






31. To calculate a gross rent multiplier - _






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






33. Proposal A had the immediate result of _ property taxes in the state






34. Capped value is _

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






36. A consumer must want the product for it to have value






37. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _






38. Most taxpayers must appeal to the local _ before appealing to the _






39. Personal property statemetns are due on _






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






41. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered






42. Michigan's Constitution provides for _ of taxation






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






44. Personal property may be _






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






46. _ is the rent actually received for a property






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






48. 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 _






49. You verify a sale _






50. _ 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.






Can you answer 50 questions in 15 minutes?



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