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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. 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






2. Used to value the income stream of a property






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






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






5. Special assessment districts are commonly used for _






6. The three approaches to value






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






8. Taxable unless specifically exempted






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






10. Unknown dimension formula






11. Not transfers of ownership






12. The amount of money or goods you can receive if you sell property






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






14. Buildings on leased lands _ personal property






15. July Board of Review begins






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






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






18. The physical land and any structure attached to it






19. The definition of the economic principle of highest and best use is _






20. 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?






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






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






23. The formula for calculating tax bills is _






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






25. The formula for calculating value is _






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






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






28. Length times the width






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






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






31. The rights of ownership removed by government are _






32. The rights of ownership (bundle of rights) enjoyed by the owner of real estate






33. _ measures value in exchange; it is based on the principle of substitution






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






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






36. Monday December Board of Review begins






37. Capped value is _

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






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






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






41. Half the base times the height






42. To calculate a gross rent multiplier - _






43. 16 1/2 feet =






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






45. Depreciation in the assessing process is expressed as a _






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






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






48. When measuring a house - you use _ measurements






49. The BOR _ and _ the roll






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







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