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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 BOR _ and _ the roll
Tuesday following Third Monday
net income
Circle computation of area
receives and reviews

2. Potential income minus vacancy - bad debt - and operating expenses is the _
Open Meetings Act
net income
Form L-4046
Summation Method- Bank of Investment Method - and Market Comparison Method

3. Taxable unless specifically exempted
real and personal
direct sales comparison
value in use
Tuesday following Third Monday

4. 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 _
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
Summation Method- Bank of Investment Method - and Market Comparison Method
median
adverse possession

5. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
net income
Form L-4046
Economic condition factor

6. Equity at the local level is the responsibility of the _
supervisor
potential income; vacancy - bad debt and operating expenses
assessor and Board of Review
CAMA

7. A depth factor chart is used to adjust lots that are _
Summation Method- Bank of Investment Method - and Market Comparison Method
not standard depth
Form L-4022
sales comparison

8. The market rent times the number of units availabe to rent is _
Michigan Constitution
specific tax
hear appeals from taxpayers or their agents
potential gross income

9. Leased property is...
local government unit
partial estate
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
Board of Review; Michigan Tax Tribunal

10. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
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
General Property Tax Act
36 sections
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income

11. Number of acres in the E 1/2 of the W 1/2 of hte NW 1/4
40
March BOR
real property
Rectangular computation of area

12. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
to hear appeals of the tentative taxable value
discount rate - recapture rate - effective tax rate
Summation Method- Bank of Investment Method - and Market Comparison Method
Form L-4022

13. Initial survey point for Michigan at the intersection of two streets
Interest or discount
43 -560 square feet
cost - sales comparison (market) - and income
Genesee County

14. Methods used to describe property in Michigan
potential gross income
Rectangular survey; metes and bounds; platted or recorded subdivision
Income / rate
beginning value the following year

15. Accurate _ and _ are necessary because assessments are only as accurate as the data used to calculate them
local government unit
to hear appeals of the tentative taxable value
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
property record cards and assessment maps

16. _ is the rent actually received for a property
ground floor area
taxation - eminent domain - and police powers
contract rent
Michigan Constitution

17. Half the base times the height
1 rod
to hear appeals of the tentative taxable value
northeast corner with section 1 and proceed west to section 6
Triangle computation of area

18. To calculate a gross rent multiplier - _
December 31
$421 -052
reducing
Divide the sales price by the gross rent

19. Inventory (is/is not) exempt
Form L-4046
July and December BOR
is
Tuesday following; first Monday in March

20. 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.
50%; usual selling price
3/4 Proposal
The Land Residual
rate x value

21. The definition of the economic principle of highest and best use 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
is
Board of Review; Michigan Tax Tribunal
location - time of sale - finanical terms of sale - physical differences - and restrictions of use

22. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
value in exchange
benefits from the special assessment
to hear appeals of the tentative taxable value
soil survey; land value

23. It (is not necessary to use __________ when valuing agricultural property.
true cash value
assessor and Board of Review
Rectangular survey; metes and bounds; platted or recorded subdivision
county multipliers

24. Tax day
economic obsolescense
December 31
fee simple
exterior

25. If the subject property has a fireplace and air-conditioning and the comp has only air-conditioning - what adjustment would be made to what property?
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
Federal Northwest
a plus adjustemnt for the fireplace to the comp
desirability

26. When appraising a commercial building - you should remember that unlike building - land is...
exempt
never depreciated
May 1
Industrial Facility Tax Abatement

27. A platted subdivision is described by _
expenses allowable
lots and blocks
5 -280 lineal feet
Form L-4260

28. Enacted in 1893
Industrial Facility Tax Abatement
partial estate
uniform rates
Michigan General Property Tax Act

29. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
median
desirability
Open Meetings Act
typical farm buildings

30. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
Form L-4023
State Tax Commission
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
owners and interested parties of the property to be assessed

31. Monday December Board of Review begins
Interest or discount
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
demand one
Tuesday following the second

32. Definition of ad valorem
direct sales comparison
at value
Industrial Facility Tax Abatement
Michigan Constitution

33. 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
sales comparison
true cash value
July; July Board of Review
Circle computation of area

34. _ soil is considered the most productive
Number 1
desirability
estimate the assessment
Reproduction cost

35. Depreciation in the assessing process is expressed as a _
Form L-4023
Form L-4022
percent good
expenses allowable

36. The _ determines the size for rates
benefits from the special assessment
ground floor area
partial estate
net income

37. Economic condition factors (are/are not) applied to land and buildings
power to tax - eminent domain - police power - escheat
potential gross income
December 31
are not

38. Taxable personal property includes all property not expressly _
Board of Review; Michigan Tax Tribunal
power to tax - eminent domain - police power - escheat
State Tax Commission
exempted

39. The right to use - occupy - and control a property for the length of the lessee's life
life estate
Private Forest Reserve
Form L-4260
Industrial Facility Tax Abatement

40. The government retains the following powers
December 31
taxation - eminent domain - and police powers
Michigan Constitution
discount rate - recapture rate - effective tax rate

41. All meetings of the BOR are governed by the _
Site/location
market comparison approach; cost approach
Open Meetings Act
supervisor

42. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
sales comparison
expenses allowable
depreciation
$1 per acre

43. Not transfers of ownership
Divide the sales price by the gross rent
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
3/4 Proposal
Michigan General Property Tax Act

44. A consumer must want the product for it to have value
Cost Approach
Tuesday following Third Monday
sales comparison
desirability

45. One use of land value maps is to _
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
track land sales
Replacement cost
The Land Residual

46. There are _ in a geographical township
Interest or discount
36 sections
Form L-4025
never the land

47. The three approaches to value
real and personal
are not
cost - sales comparison (market) - and income
Reproduction cost

48. Net income is _ minus _
hear appeals from taxpayers or their agents
track land sales
potential income; vacancy - bad debt and operating expenses
Board of Review; Michigan Tax Tribunal

49. Sections in a township start _
county multipliers
exempt
northeast corner with section 1 and proceed west to section 6
5 -280 lineal feet

50. _ includes the discount rate - recapture rate - and the effective rate.
Capitalizaiton rate
the property owner or lessee - or the local government may begin the process of its own volition
specific tax
estimate the assessment