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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. A consumer must be able to purchasee the property
adverse possession
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
tangible or intangible
transferability

2. The Board of Review was created by the _ of 1893
contract rent
Tuesday following; first Monday in March
General Property Tax Act
Taxable Value X Millage Rate

3. May change assessment for current year
March BOR
county multipliers
Taxable Value X Millage Rate
43 -560 square feet

4. March Board of Review begins
Tuesday following First Monday
Cost Approach
supervisor
3/4 Proposal

5. The formula for using a gross rent multiplier to determine market value is _
life estate
at value
GRM X MARKET RENT = MARKET VALUE
40

6. Report of Taxable Valuations Including Additions - Losses and Totals as approved by BOR;
rate x value
Reproduction cost
Form L-4025
March BOR

7. Cost to construct an exact duplicate of the subject
State Tax Commission
Open Meetings Act
receives and reviews
reproduction cost

8. Movable irrigation systems including pumps not an integral part of a well are _ and are _
State Tax Commission
agricultural personal property; exempt
assessor and Board of Review
are

9. Personal property may be _
replacement cost
tangible or intangible
is
directly benefit

10. The highest degree of ownership
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
36 sections
Cost Approach
fee simple

11. Taxable unless specifically exempted
General Property Tax Act
cost
real and personal
desirability

12. The three approaches to value
Tuesday following Third Monday
Circle computation of area
cost - sales comparison (market) - and income
specific tax

13. _ 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
expenses allowable
the property owner or lessee - or the local government may begin the process of its own volition
Form L-4023
estimate the assessment

14. The BOR _ and _ the roll
fee simple - partial estate - and life estate
Replacement cost
October 31
receives and reviews

15. A consumer must want the product for it to have value
Capitalizaiton rate
desirability
receives and reviews
replacement cost new; depreciation

16. _ is a loss in value caused by factors outside the property
economic obsolescense
never the land
Private Forest Reserve
exterior

17. Cost to construct improvement with the same functional utility of the subject
Summation Method- Bank of Investment Method - and Market Comparison Method
Headlee Amendment
electors
replacement cost

18. Monday December Board of Review begins
income / value
beginning value the following year
exterior
Tuesday following the second

19. Most taxpayers must appeal to the local _ before appealing to the _
36 sections
specific tax
Board of Review; Michigan Tax Tribunal
Summation Method- Bank of Investment Method - and Market Comparison Method

20. 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 _
gross rent multipliers
50%; usual selling price
reducing
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

21. The most common types of ownership are _
are not
fee simple - partial estate - and life estate
Cost Approach
Form L-4023

22. Proposal A had the immediate result of _ property taxes in the state
a plus adjustemnt for the fireplace to the comp
reducing
Board of Review; Michigan Tax Tribunal
March BOR

23. The definition of the economic principle of highest and best use is _
County Board of Commissioners
never depreciated
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
income

24. Unknown dimension formula
at value
Michigan Constitution
# of acres times 43 -560 divided by known dimension
market comparison approach; cost approach

25. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
Rectangular computation of area
soil survey; land value
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
Form L-4022

26. 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
General Land Office survey
sales comparison
agricultural personal property; exempt
cost

27. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
operating expenses
direct sales comparison
are not
real property

28. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
The Land Residual
cost - sales comparison (market) - and income
Form L-4260
General Land Office survey

29. You verify a sale _
by contacting one of the parties to the transaction (buyer - seller - or realtor)
the property owner or lessee - or the local government may begin the process of its own volition
hear appeals from taxpayers or their agents
electors

30. Michigan's Constitution provides for _ of taxation
uniform rates
12
benefits from the special assessment
February 20

31. Market value of property is _
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
50%; usual selling price
# of acres times 43 -560 divided by known dimension
Interest or discount

32. The formula for calculating income is _
market comparison approach; cost approach
owners and interested parties of the property to be assessed
General Land Office survey
rate x value

33. The second meeting of the BOR is held to _
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
cost - sales comparison (market) - and income
hear appeals from taxpayers or their agents
never depreciated

34. _ is a loss of utility and therefore of value from any cause
Tuesday following First Monday
Federal Northwest
depreciation
cost - sales comparison (market) - and income

35. The discount rate may be developed by the following:
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
General Land Office survey
Summation Method- Bank of Investment Method - and Market Comparison Method
Private Forest Reserve

36. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
5 -280 lineal feet
typical farm buildings
estimate the assessment
Form L-4046

37. The _ to value is best used for mass appraisals being done by the assessor.
Form L-4025
net income
at value
Cost Approach

38. Notice of special assessment public hearings must be given to _
December 31
Cost Approach
real and personal
owners and interested parties of the property to be assessed

39. There are _ in a geographical township
sales comparison approach
3/4 Proposal
36 sections
Form L-4154

40. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
to hear appeals of the tentative taxable value
net income
the property owner or lessee - or the local government may begin the process of its own volition
demand one

41. If a business fails to file a personal property statement - the assessor shall _
36 sections
estimate the assessment
Circle computation of area
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR

42. 16 1/2 feet =
1 rod
Site/location
March BOR
county multipliers

43. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
utility - scarcity - desirability - transferability
partial estate
benefits from the special assessment
soil survey; land value

44. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
Form L-4054
Open Meetings Act
are
$1 per acre

45. In July and December - the BOR may meet to _
gross rent multipliers
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
Federal Northwest
GRM X MARKET RENT = MARKET VALUE

46. Inventory (is/is not) exempt
Economic condition factor
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
replacement cost
is

47. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
exterior
market value; existing property
Federal Northwest
value in exchange

48. Deadline for filing Principal Residence Affidavits
May 1
first Monday in June
tangible or intangible
$421 -052

49. The amount of money or goods you can receive if you sell property
net income
value in exchange
Divide the sales price by the gross rent
by contacting one of the parties to the transaction (buyer - seller - or realtor)

50. Sections in a township start _
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
northeast corner with section 1 and proceed west to section 6
Reproduction cost
receives and reviews