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






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






4. The formula for calculating rate is _






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






6. All meetings of the BOR are governed by the _






7. The government retains the following powers






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






9. There are _ in a section






10. 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 _






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






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






13. To calculate a gross rent multiplier - _






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






15. 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 _






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






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






18. The usual reference source regarding assessment and taxes






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






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






21. Cost to construct an exact duplicate of the subject






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






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






24. Radius squared times Pi (3.1416)






25. May change assessment for current year






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






27. 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






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






29. There are _ in a geographical township






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






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






32. The highest degree of ownership






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






34. A platted subdivision is described by _






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






36. Personal property may be _






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






38. The three categories of depreciation are _






39. Taxable personal property includes all property not expressly _






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






41. Personal property statemetns are due on _






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






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






44. 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






45. Buildings on leased lands _ personal property






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






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






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






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






50. The Board of Review was created by the _ of 1893