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






2. The BOR _ and _ the roll






3. A private claim describes property that was occupied prior to the _






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






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






6. The most common types of ownership are _






7. Pole barns - silos - and large grain bins are considered _






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






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






10. Definition of ad valorem






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






12. The General Property Tax Law states that agricultural operations means farming in all its _






13. _ was designed to provide for the exemption from certain taxes; to levy and collect a specific tax from the owners of properties so exempted; and to provide for the transfer of the exemption certificates; also prescribes the power and dute of the STC






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






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






16. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _






17. Michigan's Constitution uses _ to determine assessments






18. Capped value is _

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






20. Movable irrigation systems including pumps not an integral part of a well are _ and are _






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






22. Sections in a township start _






23. The difference between commercial and industrial property is _






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






25. The _ determines the size for rates






26. The rights of ownership removed by government are _






27. Equity within the 83 counties of the state is the responsibility of the _






28. 1 acre =






29. The three approaches to value






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






31. Used to value the income stream of a property






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






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






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






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






36. A consumer must be able to purchasee the property






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






38. Monday December Board of Review begins






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






40. Enacted in 1893






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






42. _ is a loss of utility and therefore of value from any cause






43. The cost approach is used to estimate _ of an _






44. Personal property may be _






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






46. Leased property is...






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






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






49. There are _ in a geographical township






50. Methods used to describe property in Michigan







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