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






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






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






4. The formula for calculating rate is _






5. The definition of market value is _






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






7. Taxable unless specifically exempted






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






9. The cost approach is used to estimate _ of an _






10. _ 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






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






12. Taxable personal property includes all property not expressly _






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






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






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






16. The three approaches to value






17. 16 1/2 feet =






18. The highest degree of ownership






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






20. Deadline for filing Principal Residence Affidavits






21. Public rights-of-way are _






22. The Tuesday following the third Monday in _ is the _ meeting.






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






24. Definition of ad valorem






25. The return on the investment called in the capitalization rate is _






26. The formula for calculating value is _






27. The value of vacant land is estimated using _






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






29. Michigan's Constitution provides for _ of taxation






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






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






32. Methods used to describe property in Michigan






33. Convened to correct clerical errors - mutual mistakes of fact or qualified errors






34. It is necessary to have an evening meeting unless the residents...






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






36. The _ determines the size for rates






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






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






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






40. The most common types of ownership are _






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






42. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property






43. Computer assisted mass appraisal






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






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






46. A platted subdivision is described by _






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






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






49. Notices of the decisions of the BOR must be mailed by the _






50. Personal property statemetns are due on _







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