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MCAO: Michigan Certified Assessing Officer

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 Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
soil survey; land value
$1 per acre
assessor and Board of Review
value in use

2. _ includes the discount rate - recapture rate - and the effective rate.
Capitalizaiton rate
Site/location
1 rod
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income

3. Equity within the 83 counties of the state is the responsibility of the _
Form L-4154
directly benefit
State Tax Commission
$421 -052

4. Taxable unless specifically exempted
to hear appeals of the tentative taxable value
real and personal
the property owner or lessee - or the local government may begin the process of its own volition
Number 1

5. A consumer must want the product for it to have value
desirability
tangible or intangible
GRM X MARKET RENT = MARKET VALUE
Rectangular computation of area

6. _ is estimating the cost of a building of similar design and utility
General Property Tax Act
Replacement cost
transferability
Divide the sales price by the gross rent

7. Personal property forms must be approved by the _
are not
contract rent
Summation Method- Bank of Investment Method - and Market Comparison Method
State Tax Commission

8. The _ determines the size for rates
are not
Divide the sales price by the gross rent
electors
ground floor area

9. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
potential income; vacancy - bad debt and operating expenses
physical - functional - and economic
operating expenses
12

10. The rights of ownership removed by government are _
power to tax - eminent domain - police power - escheat
county multipliers
Tuesday following the second
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

11. The first meeting of the BOR is held on the _
Number 1
Michigan Constitution
income
Tuesday following; first Monday in March

12. When measuring a house - you use _ measurements
rate x value
exterior
12
Tuesday following Third Monday

13. Formula used to calculate taxes is _
Taxable Value X Millage Rate
net income
effective gross income
deed- land contract- conveyance to a trust- distribution from a trust- change in beneficiary of trust- distribution after owner dies- lease- corporation partnership- tenancy in common transfers of ownership- spouse to spouse- tenancy by entireties- l

14. The difference between commercial and industrial property is _
typical farm buildings
percent good
Tuesday following Third Monday
Industrial Facility Tax Abatement

15. Michigan's Constitution uses _ to determine assessments
value in exchange
cost
fee simple - partial estate - and life estate
true cash value

16. July Board of Review begins
hear appeals from taxpayers or their agents
exempt
adverse possession
Tuesday following Third Monday

17. A depth factor chart is used to adjust lots that are _
not standard depth
Township Board; City Council
Michigan General Property Tax Act
Headlee Amendment

18. The four basic steps in the sales comparison approach is _
replacement cost
exempted
February 20
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property

19. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
benefits from the special assessment
Federal Northwest
depreciation
Site/location

20. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
sales prices of other parcels similar to the property being appraised
is
soil survey; land value
partial estate

21. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
median
February 20
Michigan Constitution
cost approach

22. All meetings of the BOR are governed by the _
partial estate
Open Meetings Act
physical - functional - and economic
track land sales

23. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
40
percent good
Board of Review; Michigan Tax Tribunal
Form L-4260

24. Special assessment districts are commonly used for _
value in use
real and personal
State Tax Commission
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

25. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
sales comparison approach
Triangle computation of area
benefits from the special assessment
Form L-4022

26. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
March BOR
General Property Tax Act
May 1
effective gross income

27. The three categories of depreciation are _
640 acres
40
physical - functional - and economic
3/4 Proposal

28. There are _ in a section
40
assessor and Board of Review
income
640 acres

29. In a residential neighborhood - the measurement usually used in developing cost is _
hear appeals from taxpayers or their agents
soil survey; land value
physical - functional - and economic
Front foot

30. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
50%; usual selling price
February 20
northeast corner with section 1 and proceed west to section 6
Form L-4023

31. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
Form L-4046
Michigan Constitution
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
never depreciated

32. A platted subdivision is described by _
the most probable price in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale - the buyer and seller - each acting prudently - knowledgeably and assuming the price is not affected
The Land Residual
lots and blocks
income

33. The formula for calculating rate is _
General Property Tax Act
income / value
branches
State Tax Commission

34. _ is a loss of utility and therefore of value from any cause
depreciation
July and December BOR
fee simple
track land sales

35. 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 _
5 -280 lineal feet
Federal Northwest
50%; usual selling price
the usual selling price at the place where the property to which the term is applied shall be at the time of the assessment being the price which could be obtained therefore at private sale - and not at forced sale or auction sale

36. March Board of Review begins
reducing
local government unit
the reasonably probable and legal use of vacant land or improved property - which is physically possible - appropriately supported - financially feasible - and that results in the highest value
Tuesday following First Monday

37. The value property has in a specific use
deed- land contract- conveyance to a trust- distribution from a trust- change in beneficiary of trust- distribution after owner dies- lease- corporation partnership- tenancy in common transfers of ownership- spouse to spouse- tenancy by entireties- l
benefits from the special assessment
true cash value
value in use

38. Leased property is...
reproduction cost
County Board of Commissioners
partial estate
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions

39. A consumer must be able to purchasee the property
State Tax Commission
transferability
local government unit
expenses allowable

40. Requires that the ratio of assessments to true cash value not exceed 50%
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
Michigan Constitution
a plus adjustemnt for the fireplace to the comp
reproduction cost

41. Market value of property is _
Reproduction cost
property record cards and assessment maps
ground floor area
the usual selling price of a property in an open-market transaction with a willing buyer and seller who desire to come to terms but who are under no undue constraints to do so

42. The return on the investment called in the capitalization rate is _
effective gross income
July; July Board of Review
12
Interest or discount

43. 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?
a plus adjustemnt for the fireplace to the comp
to hear appeals of the tentative taxable value
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
General Land Office survey

44. 16 1/2 feet =
Federal Northwest
direct sales comparison
Triangle computation of area
1 rod

45. Equity within the county is the responsibility of the _
County Board of Commissioners
Michigan Constitution
lots and blocks
taxes

46. The Tuesday following the third Monday in _ is the _ meeting.
July; July Board of Review
fee simple
directly benefit
local government unit

47. Length times the width
Rectangular computation of area
$421 -052
12
northeast corner with section 1 and proceed west to section 6

48. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
Rectangular survey; metes and bounds; platted or recorded subdivision
property record cards and assessment maps
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
branches

49. _ is a loss in value caused by factors outside the property
discount rate - recapture rate - effective tax rate
economic obsolescense
potential gross income
Reproduction cost

50. Net income is _ minus _
never the land
Tuesday following Third Monday
potential income; vacancy - bad debt and operating expenses
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property