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






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






3. Personal property statemetns are due on _






4. 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






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






6. Leased property is...






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






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






9. There are _ in a geographical township






10. Buildings on leased lands _ personal property






11. A consumer must be able to purchasee the property






12. Proposal A had the immediate result of _ property taxes in the state






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






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






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






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






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






18. In July and December - the BOR may meet to _






19. The formula for calculating rate is _






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






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






22. Value is determined by _






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






24. Formula used to calculate taxes is _






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






26. The most common types of ownership are _






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






28. The difference between commercial and industrial property is _






29. Public rights-of-way are _






30. July Board of Review begins






31. The three approaches to value






32. Tax day






33. CAMA system should estimate replacement cost new less depreciation in the _ approach






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. 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 _






36. Monday December Board of Review begins






37. Half the base times the height






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






39. A platted subdivision is described by _






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






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






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






43. One use of land value maps is to _






44. Personal property forms must be approved by the _






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






46. Radius squared times Pi (3.1416)






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






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






49. The usual reference source regarding assessment and taxes






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