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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 value of vacant land is estimated using _
County Board of Commissioners
3/4 Proposal
sales prices of other parcels similar to the property being appraised
supervisor

2. The four basic steps in the sales comparison approach is _
is
value in use
utility - scarcity - desirability - transferability
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property

3. Cost to construct an exact duplicate of the subject
reproduction cost
Form L-4046
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
by contacting one of the parties to the transaction (buyer - seller - or realtor)

4. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
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
transferability
Form L-4046
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

5. IFT certificates are granted for _ years with a possible 2-year construction period
Cost Approach
owners and interested parties of the property to be assessed
potential income; vacancy - bad debt and operating expenses
12

6. The BOR _ and _ the roll
value in exchange
CAMA
are not
receives and reviews

7. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
Replacement cost
life estate
exterior
Federal Northwest

8. Deadline for filing Principal Residence Affidavits
taxes
sales prices of other parcels similar to the property being appraised
General Land Office survey
May 1

9. In July and December - the BOR may meet to _
northeast corner with section 1 and proceed west to section 6
36 sections
benefits from the special assessment
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR

10. The right to use - occupy - and control a property for the length of the lessee's life
by contacting one of the parties to the transaction (buyer - seller - or realtor)
life estate
are not
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income

11. Michigan's Constitution provides for _ of taxation
Income / rate
uniform rates
market value; existing property
percent good

12. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
County multipliers
$1 per acre
Form L-4022
sales comparison approach

13. Radius squared times Pi (3.1416)
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
gross rent multipliers
Circle computation of area
Replacement cost

14. Pole barns - silos - and large grain bins are considered _
typical farm buildings
transferability
exempt
Michigan General Property Tax Act

15. There are _ in a geographical township
1 rod
36 sections
Industrial Facility Tax Abatement
a plus adjustemnt for the fireplace to the comp

16. The rights of ownership removed by government are _
sales prices of other parcels similar to the property being appraised
Replacement cost
power to tax - eminent domain - police power - escheat
demand one

17. July Board of Review begins
median
Tuesday following Third Monday
fee simple
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

18. In a township - the _ is the secretary of the Board of Review
supervisor
Headlee Amendment
Front foot
benefits from the special assessment

19. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
are not
fee simple - partial estate - and life estate
Rectangular computation of area
determining the primary use of the property; in this case probably agricultural or residential

20. Churches - schools - libraries and similar institutions are usually...
Tuesday following Third Monday
Reproduction cost
market comparison approach; cost approach
exempt

21. The three approaches to value
County Board of Commissioners
May 1
cost - sales comparison (market) - and income
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property

22. A platted subdivision is described by _
power to tax - eminent domain - police power - escheat
are not
typical farm buildings
lots and blocks

23. The return on the investment called in the capitalization rate is _
effective gross income
are not
fee simple - partial estate - and life estate
Interest or discount

24. Most taxpayers must appeal to the local _ before appealing to the _
Divide the sales price by the gross rent
Board of Review; Michigan Tax Tribunal
a. valuing the land separately using market data b. estimating the reproduction or replacement of the subject by building a substitute c. estimating the depresiation of the subject from the time it was built to the date of the assessment
physical - functional - and economic

25. Capped value is _

26. A consumer must want the product for it to have value
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
1 rod
desirability
income approach

27. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
Economic condition factor
The Land Residual
July and December BOR
Capitalizaiton rate

28. The capitalization rate includes the _ - _ and the _
exempt
supervisor
partial estate
discount rate - recapture rate - effective tax rate

29. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
Taxable Value X Millage Rate
real estate
exempt
Form L-4022

30. Taxable unless specifically exempted
directly benefit
real and personal
owners and interested parties of the property to be assessed
1 rod

31. Management costs in timber-cutover include _ which are usually the largest expense in this classification
income / value
cost approach
Form L-4024
taxes

32. In a residential neighborhood - the measurement usually used in developing cost is _
owners and interested parties of the property to be assessed
Front foot
Cost Approach
1 rod

33. The discount rate may be developed by the following:
value in use
Summation Method- Bank of Investment Method - and Market Comparison Method
supervisor
income approach

34. If a business fails to file a personal property statement - the assessor shall _
estimate the assessment
50%; usual selling price
July; July Board of Review
supervisor

35. _ 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
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
Tuesday following First Monday
expenses allowable
July and December BOR

36. Personal property may be _
direct sales comparison
taxes
Replacement cost
tangible or intangible

37. The value property has in a specific use
value in use
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
estimate the assessment
by contacting one of the parties to the transaction (buyer - seller - or realtor)

38. The formula for calculating value is _
Income / rate
General Property Tax Act
Michigan Constitution
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

39. Methods used to describe property in Michigan
typical farm buildings
soil survey; land value
Rectangular survey; metes and bounds; platted or recorded subdivision
Federal Northwest

40. A depth factor chart is used to adjust lots that are _
cost - sales comparison (market) - and income
640 acres
Tuesday following the second
not standard depth

41. One use of land value maps is to _
track land sales
Tuesday following Third Monday
desirability
State Tax Commission

42. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
determining the primary use of the property; in this case probably agricultural or residential
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
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
40

43. 16 1/2 feet =
receives and reviews
direct sales comparison
1 rod
State Tax Commission

44. Potential income minus vacancy - bad debt - and operating expenses is the _
assessor and Board of Review
Site/location
are not
net income

45. The _ determines the size for rates
Michigan Constitution
ground floor area
February 20
income approach

46. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
October 31
50%; usual selling price
February 20
lots and blocks

47. Economic condition factors (are/are not) applied to land and buildings
12
tangible or intangible
are not
Rectangular computation of area

48. _ includes the discount rate - recapture rate - and the effective rate.
Income / rate
Capitalizaiton rate
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
value in exchange

49. The Tuesday following the third Monday in _ is the _ meeting.
income
branches
a plus adjustemnt for the fireplace to the comp
July; July Board of Review

50. 1 mile =
5 -280 lineal feet
local government unit
effective gross income
Income / rate