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. Used to value the income stream of a property






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






3. Definition of ad valorem






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






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






6. Net income is _ minus _






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






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






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






10. Approved by voters in 1978






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






12. The formula for calculating value is _






13. The value property has in a specific use






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






15. Taxable personal property includes all property not expressly _






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






17. The three approaches to value






18. 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






19. Buildings on leased lands _ personal property






20. The _ determines the size for rates






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






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






23. Michigan's Constitution provides for _ of taxation






24. The second meeting of the BOR is held to _






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






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






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






28. _ are applied to the cost schedules in the manuals






29. The rights of ownership removed by government are _






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






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






32. You verify a sale _






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






34. When measuring a house - you use _ measurements






35. Market value of property is _






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






37. 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?






38. March Board of Review begins






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






40. Formula used to calculate taxes is _






41. The formula for calculating income is _






42. Members of the Board of Review must be _ of the township






43. It (is not necessary to use __________ when valuing agricultural property.






44. Sections in a township start _






45. Special assessments are not levied on all real and personal property that...






46. Computer assisted mass appraisal






47. One use of land value maps is to _






48. A limits the maximum amount of ad valorem taxes that may be levied for school district operating purposes. The change this maximum requires a vote of _ of the legislature to approve.






49. _ soil is considered the most productive






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