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. 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 _






2. July Board of Review begins






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






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






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






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






7. A consumer must be able to purchasee the property






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






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






10. One use of land value maps is to _






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






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






13. The BOR _ and _ the roll






14. Methods used to describe property in Michigan






15. The three principal steps in the cost approach are _






16. There are _ in a section






17. 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?






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






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






20. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _






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






22. _ 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






23. 1 mile =






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






25. The _ determines the size for rates






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






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






28. Half the base times the height






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






30. Notice of special assessment public hearings must be given to _






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






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






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






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






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






36. Definition of ad valorem






37. Movable irrigation systems including pumps not an integral part of a well are _ and are _






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






39. The three approaches to value






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






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






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






43. In July and December - the BOR may meet to _






44. Taxable personal property includes all property not expressly _






45. Sections in a township start _






46. Length times the width






47. There are _ in a geographical township






48. Tax day






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






50. The physical land and any structure attached to it