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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 capitalization rate includes the _ - _ and the _






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






3. There are _ in a geographical township






4. The value of vacant land is estimated using _






5. 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






6. Sections in a township start _






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






8. One use of land value maps is to _






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






10. Public rights-of-way are _






11. Personal property statements (are/are not) available to the public under the Freedom of Information Act.






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






13. Equity at the local level is the responsibility of the _






14. _ are expenses that may be part of the capitalization rate such as depreciation and property taxes or capital improvement expenses and the owner's costs and corporation costs; also not income taxes.






15. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;






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






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






18. The highest degree of ownership






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






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






21. Michigan's Constitution provides for _ of taxation






22. Market value of property is _






23. Taxable personal property includes all property not expressly _






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






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






26. The formula for calculating value is _






27. Michigan's Constitution uses _ to determine assessments






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






29. Tax day






30. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _






31. The formula for calculating tax bills is _






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






33. Personal property forms must be approved by the _






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






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






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






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






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






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






40. The difference between commercial and industrial property is _






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






42. 1 mile =






43. Monday December Board of Review begins






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






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






46. When measuring a house - you use _ measurements






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






48. The three approaches to value






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






50. May change assessment for current year






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