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. Half the base times the height






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






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






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






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






6. 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 _






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






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






9. _ soil is considered the most productive






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






11. A depth factor chart is used to adjust lots that are _






12. Formula used to calculate taxes is _






13. The formula for calculating tax bills is _






14. Vacant land adjustments have to be made for differences in _






15. May change assessment for current year






16. Computer assisted mass appraisal






17. Inventory (is/is not) exempt






18. Deadline for filing personal property statements






19. You verify a sale _






20. Public rights-of-way are _






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






22. The _ determines the size for rates






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






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






25. _ 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






26. The three principal steps in the cost approach are _






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






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






29. Approved by voters in 1978






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






31. True cash value is _






32. Leased property is...






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






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






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






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






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






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






39. Sections in a township start _






40. Article 9 of the Michigan Constitution provides for uniform property taxation which may not exceed _ of true cash value which is defined as being the _






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






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






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






44. The formula for calculating income is _






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






46. 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?






47. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:






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






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






50. The rights of ownership removed by government are _