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. Computer assisted mass appraisal






2. The definition of market value is _






3. Cost to construct an exact duplicate of the subject






4. Approved by voters in 1978






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






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






7. The formula for calculating rate is _






8. Definition of ad valorem






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






10. May change assessment for current year






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






12. Market value of property is _






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






14. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property






15. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _






16. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach






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






18. Net income is _ minus _






19. A platted subdivision is described by _






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






21. Personal property may be _






22. Special assessment districts are commonly used for _






23. Value is determined by _






24. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _






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






26. The definition of the economic principle of highest and best use is _






27. 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 _






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






29. There are _ in a section






30. Not transfers of ownership






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






32. 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






33. One use of land value maps is to _






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






35. Who may ask for establishment of an industrial facility tax exemption district?






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






37. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.






38. The most common types of ownership are _






39. The _ determines the size for rates






40. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _






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






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






43. _ 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.






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






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






46. _ 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






47. If the subject property has a fireplace and air-conditioning and the comp has only air-conditioning - what adjustment would be made to what property?






48. Assessor Affidavit Regarding 'Uncapping' of Taxable Value; used when it is discovered that a property value should have been uncapped but wasn't






49. _ is a loss in value caused by factors outside the property






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