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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. Cost to construct an exact duplicate of the subject






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






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






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






5. Computer assisted mass appraisal






6. The formula for calculating rate is _






7. The _ must approve the application for an IFT before the State Tax Commission approves the application






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






9. Special assessment districts are commonly used for _






10. Taxable unless specifically exempted






11. When measuring a house - you use _ measurements






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






13. The formula for calculating value is _






14. There are _ in a geographical township






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






16. Monday December Board of Review begins






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






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






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






20. Two types of maps that are used in valuing agricultural land are _ maps and _ maps






21. The government retains the following powers






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






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






24. The most common types of ownership are _






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






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






27. The three categories of depreciation are _






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






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






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






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






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






33. 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 _






34. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them






35. Deadline for filing personal property statements






36. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _






37. Formula used to calculate taxes is _






38. Net income is _ minus _






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






40. The difference between commercial and industrial property is _






41. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer






42. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?






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






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






45. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _






46. Approved by voters in 1978






47. Used to value the income stream of a property






48. The income approach calculates the _ of a future income stream






49. _ is the rent actually received for a property






50. Length times the width







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