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MCAO: Michigan Certified Assessing Officer

Instructions:

Answer 50 questions in 15 minutes.
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Match each statement with the correct term.
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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. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
agricultural personal property; exempt
operating expenses
exterior
are

2. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
never the land
exempted
real property
The Land Residual

3. All meetings of the BOR are governed by the _
tangible or intangible
Open Meetings Act
median
gross rent multipliers

4. Michigan's Constitution uses _ to determine assessments
true cash value
Tuesday following; first Monday in March
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
Front foot

5. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
Form L-4260
General Property Tax Act
43 -560 square feet
Board of Review; Michigan Tax Tribunal

6. One use of land value maps is to _
Interest or discount
1 rod
track land sales
Reproduction cost

7. Movable irrigation systems including pumps not an integral part of a well are _ and are _
agricultural personal property; exempt
northeast corner with section 1 and proceed west to section 6
not standard depth
Form L-4054

8. Personal property forms must be approved by the _
real property
hear appeals from taxpayers or their agents
State Tax Commission
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

9. Deadline for filing Principal Residence Affidavits
Tuesday following the second
determining the primary use of the property; in this case probably agricultural or residential
May 1
Taxable Value X Millage Rate

10. The most common types of ownership are _
utility - scarcity - desirability - transferability
Capitalizaiton rate
fee simple - partial estate - and life estate
partial estate

11. The _ must approve the application for an IFT before the State Tax Commission approves the application
cost - sales comparison (market) - and income
Triangle computation of area
local government unit
CAMA

12. _ includes the discount rate - recapture rate - and the effective rate.
Michigan Constitution
present worth
Tuesday following the second
Capitalizaiton rate

13. You verify a sale _
Tuesday following; first Monday in March
real and personal
net income
by contacting one of the parties to the transaction (buyer - seller - or realtor)

14. The difference between commercial and industrial property is _
the property owner or lessee - or the local government may begin the process of its own volition
Industrial Facility Tax Abatement
physical - functional - and economic
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

15. IFT's affect only the building value...
Taxable Value X Millage Rate
never the land
specific tax
expenses not allowable

16. The Commercial Forest Act permits an owner to put property into a program that permits payment of a _ in lieu of the ad valorem rates
Rectangular computation of area
net income
specific tax
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

17. The cost approach is used to estimate _ of an _
track land sales
February 20
income approach
market value; existing property

18. The value of vacant land is estimated using _
are not
Capitalizaiton rate
sales prices of other parcels similar to the property being appraised
fee simple - partial estate - and life estate

19. The Tuesday following the third Monday in _ is the _ meeting.
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
potential gross income
sales prices of other parcels similar to the property being appraised
July; July Board of Review

20. _ soil is considered the most productive
# of acres times 43 -560 divided by known dimension
County Board of Commissioners
General Land Office survey
Number 1

21. Potential income minus vacancy - bad debt - and operating expenses is the _
percent good
net income
specific tax
gross rent multipliers

22. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
Reproduction cost
Taxable Value x Millage Rate = Tax Bill
Form L-4154
Michigan General Property Tax Act

23. The definition of the economic principle of highest and best use is _
July; July Board of Review
Divide the sales price by the gross rent
beginning value the following year
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

24. Members of the Board of Review must be _ of the township
County multipliers
electors
sales prices of other parcels similar to the property being appraised
supervisor

25. A depth factor chart is used to adjust lots that are _
5 -280 lineal feet
not standard depth
hear appeals from taxpayers or their agents
power to tax - eminent domain - police power - escheat

26. _ 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
income
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
Site/location
life estate

27. Taxable personal property includes all property not expressly _
Divide the sales price by the gross rent
Form L-4024
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
exempted

28. When measuring a house - you use _ measurements
net income
income
March BOR
exterior

29. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
market comparison approach; cost approach
Form L-4046
Triangle computation of area
benefits from the special assessment

30. The amount of money or goods you can receive if you sell property
typical farm buildings
effective gross income
value in exchange
market value; existing property

31. Most taxpayers must appeal to the local _ before appealing to the _
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
income approach
Board of Review; Michigan Tax Tribunal
Township Board; City Council

32. 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.
3/4 Proposal
Form L-4046
Township Board; City Council
Divide the sales price by the gross rent

33. July Board of Review begins
Tuesday following Third Monday
Replacement cost
General Property Tax Act
Tuesday following; first Monday in March

34. Vacant land adjustments have to be made for differences in _
640 acres
Replacement cost
northeast corner with section 1 and proceed west to section 6
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

35. Special assessments are not levied on all real and personal property that...
Michigan Constitution
the property owner or lessee - or the local government may begin the process of its own volition
benefits from the special assessment
Tuesday following the second

36. The formula for calculating tax bills is _
Taxable Value x Millage Rate = Tax Bill
a plus adjustemnt for the fireplace to the comp
real property
economic obsolescense

37. The three principal steps in the cost approach are _
estimate the assessment
branches
cost approach
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

38. Used to estimate the cost of constructing improvements to the land
never depreciated
# of acres times 43 -560 divided by known dimension
cost approach
Michigan General Property Tax Act

39. Special assessments must _ the properties in the district
owners and interested parties of the property to be assessed
never the land
Township Board; City Council
directly benefit

40. Formula used to calculate taxes is _
Taxable Value X Millage Rate
exempted
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
Form L-4025

41. is the rent a property could command on the open market
Headlee Amendment
market rent
electors
present worth

42. Leased 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
assessor and Board of Review
real estate
partial estate

43. Notice of special assessment public hearings must be given to _
State Tax Commission
owners and interested parties of the property to be assessed
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
exterior

44. 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
county multipliers
market rent
cost

45. _ is the rent actually received for a property
3/4 Proposal
contract rent
Replacement cost
Federal Northwest

46. The definition of market value is _
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
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
July and December BOR
Headlee Amendment

47. Depreciation in the assessing process is expressed as a _
supervisor
taxes
Circle computation of area
percent good

48. The highest degree of ownership
physical - functional - and economic
General Land Office survey
fee simple
Economic condition factor

49. _ is estimating the cost of a building of similar design and utility
ground floor area
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
Industrial Facility Tax Abatement
Replacement cost

50. Personal property may be _
State Tax Commission
discount rate - recapture rate - effective tax rate
tangible or intangible
February 20

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