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. Capped value is _

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






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






4. The physical land and any structure attached to it






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






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






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






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






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






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






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






12. The rights of ownership removed by government are _






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






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






15. The formula for calculating value is _






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






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






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






19. Definition of ad valorem






20. Enacted in 1893






21. 1 mile =






22. Used to value the income stream of a property






23. A limits the maximum amount of ad valorem taxes that may be levied for school district operating purposes. The change this maximum requires a vote of _ of the legislature to approve.






24. Formula used to calculate taxes is _






25. Michigan's Constitution provides for _ of taxation






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






27. The value of vacant land is estimated using _






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






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






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






31. Buildings on leased lands _ personal property






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






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






34. The BOR _ and _ the roll






35. Tax day






36. March Board of Review begins






37. Special assessments must _ the properties in the district






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






39. Computer assisted mass appraisal






40. 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






41. The definition of market value is _






42. _ is the rent actually received for a property






43. _ 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






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






45. Value is determined by _






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






47. _ 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.






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






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






50. Notice of special assessment public hearings must be given to _