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. The second meeting of the BOR is held to _






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






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






4. The definition of market value is _






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






6. _ 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






7. The difference between commercial and industrial property is _






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






9. The physical land and any structure attached to it






10. Half the base times the height






11. 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 _






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






13. Management costs in timber-cutover include _ which are usually the largest expense in this classification






14. Taxable personal property includes all property not expressly _






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






16. The Commercial Forest Act permits an owner to put property into a program that permits payment of a _ in lieu of the ad valorem rates






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






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






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






20. The right to use - occupy - and control a property for the length of the lessee's life






21. The rights of ownership removed by government are _






22. The most common types of ownership are _






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






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






25. Personal property statemetns are due on _






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






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






28. Economic condition factors (are/are not) applied to land and buildings






29. Capped value is _


30. Value is determined by _






31. The formula for calculating value is _






32. 16 1/2 feet =






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






34. Michigan's Constitution provides for _ of taxation






35. 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?






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






37. Unknown dimension formula






38. 1 mile =






39. The first meeting of the BOR is held on the _






40. Methods used to describe property in Michigan






41. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April






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






43. July Board of Review begins






44. In a township - the _ is the secretary of the Board of Review






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






46. You verify a sale _






47. Cost to construct an exact duplicate of the subject






48. A platted subdivision is described by _






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






50. The highest degree of ownership