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






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






3. Michigan's Constitution provides for _ of taxation






4. March Board of Review begins






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






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






7. Cost to construct an exact duplicate of the subject






8. The value property has in a specific use






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






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






11. Definition of ad valorem






12. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:






13. The three approaches to value






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






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






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






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






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






19. The formula for calculating tax bills is _






20. The highest degree of ownership






21. Deadline for filing Principal Residence Affidavits






22. The physical land and any structure attached to it






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






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






25. Length times the width






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






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






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






29. 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 _






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






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






32. The formula for calculating value is _






33. Methods used to describe property in Michigan






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






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






36. The amount of money or goods you can receive if you sell property






37. There are _ in a geographical township






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






39. To calculate a gross rent multiplier - _






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






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






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






43. 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?






44. 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 _






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






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






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






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






49. CAMA system should estimate replacement cost new less depreciation in the _ approach






50. Churches - schools - libraries and similar institutions are usually...







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