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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. Monday December Board of Review begins
Tuesday following the second
taxes
market comparison approach; cost approach
Form L-4054

2. Buildings on leased lands _ personal property
are
exempt
true cash value
effective gross income

3. The General Property Tax Law states that agricultural operations means farming in all its _
branches
potential income; vacancy - bad debt and operating expenses
exterior
Headlee Amendment

4. Pole barns - silos - and large grain bins are considered _
are not
typical farm buildings
Site/location
Form L-4023

5. To calculate a gross rent multiplier - _
sales comparison
February 20
Divide the sales price by the gross rent
potential income; vacancy - bad debt and operating expenses

6. The market rent times the number of units availabe to rent is _
Capitalizaiton rate
$1 per acre
Summation Method- Bank of Investment Method - and Market Comparison Method
potential gross income

7. The most common types of ownership are _
Genesee County
exempt
fee simple - partial estate - and life estate
partial estate

8. In a township - the _ is the secretary of the Board of Review
supervisor
County Board of Commissioners
direct sales comparison
are

9. 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.
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
a plus adjustemnt for the fireplace to the comp
Capitalizaiton rate
3/4 Proposal

10. True cash value is _
640 acres
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 the second
cost

11. Sections in a township start _
Tuesday following; first Monday in March
State Tax Commission
northeast corner with section 1 and proceed west to section 6
ground floor area

12. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
real estate
sales comparison
determining the primary use of the property; in this case probably agricultural or residential
Form L-4023

13. The Assessor or Equalization Director's Notice of Property Incorrectly Reported or Omitted from Assessment Roll; filed with STC when omitted property is discovered
Form L-4154
beginning value the following year
uniform rates
3/4 Proposal

14. The government is authorized to levy taxes in the _
Reproduction cost
Form L-4054
Township Board; City Council
Michigan Constitution

15. _ are applied to the cost schedules in the manuals
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
County multipliers
replacement cost new; depreciation
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

16. Convened to correct clerical errors - mutual mistakes of fact or qualified errors
real estate
July and December BOR
expenses allowable
Tuesday following; first Monday in March

17. Equity within the county is the responsibility of the _
lots and blocks
County Board of Commissioners
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
soil survey; land value

18. One use of land value maps is to _
track land sales
sales comparison
net income
real and personal

19. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
43 -560 square feet
northeast corner with section 1 and proceed west to section 6
$1 per acre
40

20. Approved by voters in 1978
potential income; vacancy - bad debt and operating expenses
Tuesday following Third Monday
agricultural personal property; exempt
Headlee Amendment

21. The value property has in a specific use
Form L-4023
February 20
potential income; vacancy - bad debt and operating expenses
value in use

22. Half the base times the height
demand one
Triangle computation of area
$1 per acre
Front foot

23. The _ to value is best used for mass appraisals being done by the assessor.
Private Forest Reserve
physical - functional - and economic
discount rate - recapture rate - effective tax rate
Cost Approach

24. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
median
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
Economic condition factor
Reproduction cost

25. In a cost approach program - the computer system should estimate _ less _
replacement cost new; depreciation
Replacement cost
Board of Review; Michigan Tax Tribunal
assessor and Board of Review

26. _ is the rent actually received for a property
is
Tuesday following; first Monday in March
replacement cost
contract rent

27. Personal property forms must be approved by the _
Form L-4154
gross rent multipliers
State Tax Commission
County Board of Commissioners

28. The three approaches to value
contract rent
value in use
first Monday in June
cost - sales comparison (market) - and income

29. In July and December - the BOR may meet to _
net income
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
never depreciated
General Land Office survey

30. 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 _
exempt
the property owner or lessee - or the local government may begin the process of its own volition
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
50%; usual selling price

31. Cost to construct improvement with the same functional utility of the subject
replacement cost
power to tax - eminent domain - police power - escheat
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
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

32. You verify a sale _
transferability
State Tax Commission
by contacting one of the parties to the transaction (buyer - seller - or realtor)
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

33. Who may ask for establishment of an industrial facility tax exemption district?
# of acres times 43 -560 divided by known dimension
Form L-4025
the property owner or lessee - or the local government may begin the process of its own volition
are not

34. It is necessary to have an evening meeting unless the residents...
Industrial Facility Tax Abatement
demand one
sales prices of other parcels similar to the property being appraised
to hear appeals of the tentative taxable value

35. Personal property may be _
market value; existing property
tangible or intangible
fee simple
cost approach

36. The three categories of depreciation are _
Form L-4054
replacement cost new; depreciation
cost - sales comparison (market) - and income
physical - functional - and economic

37. Requires that the ratio of assessments to true cash value not exceed 50%
Michigan Constitution
gross rent multipliers
potential income; vacancy - bad debt and operating expenses
The Land Residual

38. The formula for calculating tax bills is _
soil survey; land value
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
Interest or discount
Taxable Value x Millage Rate = Tax Bill

39. 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
Front foot
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
12
sales comparison

40. _ measures value in exchange; it is based on the principle of substitution
Rectangular computation of area
exempted
direct sales comparison
market comparison approach; cost approach

41. The highest degree of ownership
fee simple
electors
40
General Land Office survey

42. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
value in exchange
determining the primary use of the property; in this case probably agricultural or residential
640 acres
potential income; vacancy - bad debt and operating expenses

43. The usual reference source regarding assessment and taxes
Michigan General Property Tax Act
Open Meetings Act
General Property Tax Act
12

44. May change assessment for current year
County Board of Commissioners
local government unit
March BOR
43 -560 square feet

45. Net income is _ minus _
real and personal
reducing
Taxable Value x Millage Rate = Tax Bill
potential income; vacancy - bad debt and operating expenses

46. Public rights-of-way are _
expenses allowable
exempt
rate x value
potential income; vacancy - bad debt and operating expenses

47. _ soil is considered the most productive
December 31
Number 1
specific tax
sales comparison approach

48. Taxable personal property includes all property not expressly _
3/4 Proposal
exempted
agricultural personal property; exempt
February 20

49. Deadline for filing personal property statements
economic obsolescense
Summation Method- Bank of Investment Method - and Market Comparison Method
determining the primary use of the property; in this case probably agricultural or residential
February 20

50. The Tuesday following the third Monday in _ is the _ meeting.
February 20
income approach
Number 1
July; July Board of Review