Test your basic knowledge |

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. _ is used to adjust the cosst approach to market value for residential properties
GRM X MARKET RENT = MARKET VALUE
uniform rates
to hear appeals of the tentative taxable value
Economic condition factor

2. Notices of the decisions of the BOR must be mailed by the _
36 sections
gross rent multipliers
Summation Method- Bank of Investment Method - and Market Comparison Method
first Monday in June

3. Special assessments must _ the properties in the district
ground floor area
State Tax Commission
directly benefit
branches

4. The formula for calculating income is _
February 20
rate x value
hear appeals from taxpayers or their agents
income approach

5. The most common types of ownership are _
fee simple - partial estate - and life estate
$1 per acre
Industrial Facility Tax Abatement
net income

6. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
replacement cost
tangible or intangible
fee simple
effective gross income

7. A platted subdivision is described by _
lots and blocks
County multipliers
power to tax - eminent domain - police power - escheat
3/4 Proposal

8. The return on the investment called in the capitalization rate is _
Interest or discount
Taxable Value x Millage Rate = Tax Bill
General Property Tax Act
supervisor

9. The second meeting of the BOR is held to _
hear appeals from taxpayers or their agents
The Land Residual
specific tax
Form L-4024

10. All meetings of the BOR are governed by the _
Form L-4260
Open Meetings Act
Genesee County
Form L-4046

11. Formula used to calculate taxes is _
Form L-4154
Cost Approach
reproduction cost
Taxable Value X Millage Rate

12. Michigan's Constitution provides for _ of taxation
uniform rates
operating expenses
exempt
discount rate - recapture rate - effective tax rate

13. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
operating expenses
real estate
contract rent
July; July Board of Review

14. Churches - schools - libraries and similar institutions are usually...
sales comparison
exempt
Form L-4054
are not

15. CAMA system should estimate replacement cost new less depreciation in the _ approach
cost
specific tax
Interest or discount
receives and reviews

16. 1 acre =
43 -560 square feet
State Tax Commission
Form L-4024
at value

17. The rights of ownership removed by government are _
hear appeals from taxpayers or their agents
real property
Federal Northwest
power to tax - eminent domain - police power - escheat

18. Market value of property is _
cost - sales comparison (market) - and income
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
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
ground floor area

19. The usual reference source regarding assessment and taxes
depreciation
Form L-4046
General Property Tax Act
1 rod

20. In heavily wooded areas where property lines may be difficult to identify - it is important that the owners protect their property from being claimed under _
adverse possession
local government unit
Form L-4054
May 1

21. The formula for calculating value is _
Income / rate
a plus adjustemnt for the fireplace to the comp
Triangle computation of area
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

22. Unknown dimension formula
May 1
# of acres times 43 -560 divided by known dimension
fee simple - partial estate - and life estate
Site/location

23. A private claim describes property that was occupied prior to the _
General Land Office survey
$1 per acre
50%; usual selling price
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines

24. Used to value the income stream of a property
3/4 Proposal
not standard depth
reproduction cost
income approach

25. If the interest rate is 5% - the effective tax rate is 2% - the recapture rate is 2.5% - and the income attributed to the building is $40 -000. The value of the building is _
$421 -052
percent good
the property owner or lessee - or the local government may begin the process of its own volition
February 20

26. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
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
track land sales
Private Forest Reserve
Reproduction cost

27. Michigan's Constitution uses _ to determine assessments
fee simple
true cash value
Site/location
sales comparison approach

28. In a cost approach program - the computer system should estimate _ less _
36 sections
Site/location
replacement cost new; depreciation
present worth

29. The government retains the following powers
physical - functional - and economic
taxation - eminent domain - and police powers
market value; existing property
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974

30. In a township - the _ is the secretary of the Board of Review
February 20
Front foot
Site/location
supervisor

31. March Board of Review begins
Tuesday following First Monday
market value; existing property
present worth
to hear appeals of the tentative taxable value

32. The three approaches to value
50%; usual selling price
cost - sales comparison (market) - and income
real property
sales prices of other parcels similar to the property being appraised

33. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
# of acres times 43 -560 divided by known dimension
electors
Form L-4154
Tuesday following Third Monday

34. Proposal A had the immediate result of _ property taxes in the state
cost approach
Tuesday following the second
income / value
reducing

35. True cash value is _
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
Michigan Constitution
discount rate - recapture rate - effective tax rate
expenses not allowable

36. A consumer must be able to purchasee the property
transferability
Taxable Value x Millage Rate = Tax Bill
real property
Form L-4260

37. Compares the property beign appraised to similar properties that have recently sold
at value
cost - sales comparison (market) - and income
sales comparison approach
February 20

38. _ is estimating the cost of an exact duplication of the building
income approach
physical - functional - and economic
Reproduction cost
Form L-4022

39. The three categories of depreciation are _
physical - functional - and economic
Tuesday following the second
uniform rates
fee simple - partial estate - and life estate

40. Personal property may be _
Form L-4024
economic obsolescense
net income
tangible or intangible

41. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
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
Cost Approach
real property

42. The amount of money or goods you can receive if you sell property
market rent
Township Board; City Council
rate x value
value in exchange

43. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
value in use
Income / rate
soil survey; land value
real estate

44. The difference between commercial and industrial property is _
are not
Industrial Facility Tax Abatement
Form L-4260
value in use

45. May change assessment for current year
March BOR
December 31
Rectangular computation of area
Form L-4154

46. Value is determined by _
Open Meetings Act
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
utility - scarcity - desirability - transferability
State Tax Commission

47. Sections in a township start _
northeast corner with section 1 and proceed west to section 6
operating expenses
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
utility - scarcity - desirability - transferability

48. _ are applied to the cost schedules in the manuals
Interest or discount
taxation - eminent domain - and police powers
County multipliers
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR

49. Economic condition factors (are/are not) applied to land and buildings
market rent
are not
Township Board; City Council
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income

50. A depth factor chart is used to adjust lots that are _
estimate the assessment
43 -560 square feet
supervisor
not standard depth