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. Formula used to calculate taxes is _






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






3. Michigan's Constitution provides for _ of taxation






4. _ is estimating the cost of an exact duplication of the building






5. 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.






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






7. _ is the rent actually received for a property






8. The definition of market value is _






9. 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






10. Half the base times the height






11. The value of vacant land is estimated using _






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






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






14. Used to value the income stream of a property






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






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






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






18. _ 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






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






20. _ soil is considered the most productive






21. Radius squared times Pi (3.1416)






22. True cash value is _






23. When measuring a house - you use _ measurements






24. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _






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






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






27. To calculate a gross rent multiplier - _






28. March Board of Review begins






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






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






31. Michigan's Constitution uses _ to determine assessments






32. The formula for calculating income is _






33. Special assessment districts are commonly used for _






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






35. The formula for calculating rate is _






36. Public rights-of-way are _






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






38. A private claim describes property that was occupied prior to the _






39. July Board of Review begins






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






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






42. The four basic steps in the sales comparison approach is _






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






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






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






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






47. The discount rate may be developed by the following:






48. The difference between commercial and industrial property is _






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






50. It is necessary to have an evening meeting unless the residents...