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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 Commercial Forest Act permits an owner to put property into a program that permits payment of a _ in lieu of the ad valorem rates
Reproduction cost
3/4 Proposal
specific tax
1 rod

2. Inventory (is/is not) exempt
Tuesday following Third Monday
ground floor area
Reproduction cost
is

3. Equity within the 83 counties of the state is the responsibility of the _
State Tax Commission
income
real property
sales comparison approach

4. Michigan's Constitution provides for _ of taxation
uniform rates
owners and interested parties of the property to be assessed
Triangle computation of area
Form L-4023

5. Leased property is...
property record cards and assessment maps
partial estate
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
reproduction cost

6. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
net income
effective gross income
determining the primary use of the property; in this case probably agricultural or residential
rate x value

7. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
supervisor
Form L-4046
Tuesday following; first Monday in March
$421 -052

8. The _ to value is best used for mass appraisals being done by the assessor.
fee simple - partial estate - and life estate
market value; existing property
Tuesday following the second
Cost Approach

9. True cash value is _
not standard depth
partial estate
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-4023

10. In July and December - the BOR may meet to _
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
County Board of Commissioners
Form L-4054
Board of Review; Michigan Tax Tribunal

11. Value is determined by _
median
value in use
electors
utility - scarcity - desirability - transferability

12. 1 mile =
Federal Northwest
5 -280 lineal feet
Economic condition factor
July and December BOR

13. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
12
real property
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
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

14. The income approach calculates the _ of a future income stream
present worth
1 rod
real property
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

15. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
$1 per acre
40
July and December BOR
Tuesday following First Monday

16. Net income is _ minus _
Form L-4023
potential income; vacancy - bad debt and operating expenses
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
expenses allowable

17. Usually valuing farmland is done by the _ for the land values and the _ for the buildings.
July and December BOR
Michigan Constitution
Township Board; City Council
market comparison approach; cost approach

18. The formula for using a gross rent multiplier to determine market value is _
reproduction cost
Michigan Constitution
GRM X MARKET RENT = MARKET VALUE
transferability

19. Public rights-of-way are _
the property owner or lessee - or the local government may begin the process of its own volition
physical - functional - and economic
exempt
Headlee Amendment

20. It (is not necessary to use __________ when valuing agricultural property.
not standard depth
Divide the sales price by the gross rent
February 20
county multipliers

21. The highest degree of ownership
General Property Tax Act
fee simple
physical - functional - and economic
December 31

22. Deadline for filing Principal Residence Affidavits
Form L-4154
Form L-4260
property record cards and assessment maps
May 1

23. Taxable personal property includes all property not expressly _
State Tax Commission
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
exempted
replacement cost

24. The value of vacant land is estimated using _
income approach
sales prices of other parcels similar to the property being appraised
Rectangular computation of area
Michigan Constitution

25. Management costs in timber-cutover include _ which are usually the largest expense in this classification
Township Board; City Council
life estate
taxes
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income

26. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
GRM X MARKET RENT = MARKET VALUE
December 31
soil survey; land value
to hear appeals of the tentative taxable value

27. The three categories of depreciation are _
640 acres
depreciation
beginning value the following year
physical - functional - and economic

28. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April
rate x value
Form L-4024
Form L-4023
March BOR

29. There are _ in a section
life estate
640 acres
market rent
local government unit

30. The formula for calculating income is _
estimate the assessment
$1 per acre
rate x value
market rent

31. Compares the property beign appraised to similar properties that have recently sold
Form L-4023
Headlee Amendment
sales comparison approach
net income

32. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
branches
median
Front foot
soil survey; land value

33. Not transfers of ownership
replacement cost
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
potential income; vacancy - bad debt and operating expenses
never depreciated

34. Members of the Board of Review must be _ of the township
electors
beginning value the following year
not standard depth
February 20

35. The rights of ownership removed by government are _
at value
adverse possession
owners and interested parties of the property to be assessed
power to tax - eminent domain - police power - escheat

36. _ is a loss of utility and therefore of value from any cause
depreciation
36 sections
median
potential gross income

37. Ordinance established the laws that cover Michigan - Ohio - Indiana - Illinois - and Wisconsin
Interest or discount
Federal Northwest
ground floor area
exempted

38. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
Form L-4154
directly benefit
potential gross income

39. Personal property may be _
determining the primary use of the property; in this case probably agricultural or residential
50%; usual selling price
fee simple - partial estate - and life estate
tangible or intangible

40. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
is
Number 1
uniform rates
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income

41. Equity within the county is the responsibility of the _
specific tax
County Board of Commissioners
hear appeals from taxpayers or their agents
Form L-4023

42. Churches - schools - libraries and similar institutions are usually...
lots and blocks
depreciation
exempt
Form L-4022

43. IFT's affect only the building value...
50%; usual selling price
to hear appeals of the tentative taxable value
12
never the land

44. _ is a loss in value caused by factors outside the property
are not
income / value
economic obsolescense
Tuesday following; first Monday in March

45. _ are used to value income-producing residential property
sales comparison
Income / rate
gross rent multipliers
exempt

46. Assessor Affidavit Regarding 'Uncapping' of Taxable Value; used when it is discovered that a property value should have been uncapped but wasn't
is
taxation - eminent domain - and police powers
demand one
Form L-4054

47. _ is estimating the cost of an exact duplication of the building
12
GRM X MARKET RENT = MARKET VALUE
Reproduction cost
Economic condition factor

48. Cost to construct an exact duplicate of the subject
taxes
reproduction cost
Interest or discount
State Tax Commission

49. If a business fails to file a personal property statement - the assessor shall _
sales comparison approach
Private Forest Reserve
estimate the assessment
Federal Northwest

50. March Board of Review begins
sales comparison
exempted
Tuesday following First Monday
Form L-4023