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






2. The formula for calculating rate is _






3. 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






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






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






6. In a residential neighborhood - the measurement usually used in developing cost is _






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






8. Length times the width






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






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






11. The definition of market value is _






12. There are _ in a section






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






14. Michigan's Constitution provides for _ of taxation






15. Taxable unless specifically exempted






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






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






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






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






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






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






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






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






24. _ is the rent actually received for a property






25. Net income is _ minus _






26. 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






27. Unknown dimension formula






28. One use of land value maps is to _






29. If a business fails to file a personal property statement - the assessor shall _






30. May change assessment for current year






31. The right to use - occupy - and control a property for the length of the lessee's life






32. The formula for calculating value is _






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






34. 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 _






35. The three categories of depreciation are _






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






37. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered






38. A platted subdivision is described by _






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






40. True cash value is _






41. The usual reference source regarding assessment and taxes






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






43. Deadline for filing personal property statements






44. Buildings on leased lands _ personal property






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






46. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4






47. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest






48. Computer assisted mass appraisal






49. The value of vacant land is estimated using _






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