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. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
owners and interested parties of the property to be assessed
General Land Office survey
to hear appeals of the tentative taxable value
Private Forest Reserve

2. The amount of money or goods you can receive if you sell property
expenses allowable
market value; existing property
value in exchange
Site/location

3. Enacted in 1893
true cash value
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
lots and blocks
Michigan General Property Tax Act

4. Methods used to describe property in Michigan
Form L-4025
are not
Rectangular survey; metes and bounds; platted or recorded subdivision
Income / rate

5. The formula for calculating rate is _
hear appeals from taxpayers or their agents
county multipliers
income / value
expenses allowable

6. _ measures value in exchange; it is based on the principle of substitution
State Tax Commission
cost - sales comparison (market) - and income
direct sales comparison
Site/location

7. When measuring a house - you use _ measurements
supervisor
exterior
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
12

8. You verify a sale _
Headlee Amendment
by contacting one of the parties to the transaction (buyer - seller - or realtor)
lots and blocks
Open Meetings Act

9. A private claim describes property that was occupied prior to the _
specific tax
expenses not allowable
Taxable Value X Millage Rate
General Land Office survey

10. 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
the property owner or lessee - or the local government may begin the process of its own volition
to hear appeals of the tentative taxable value
median

11. The March Board of Review may change assessments - exemptions - and classification property. What additional authority were they given by Proposal A?
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 Third Monday
to hear appeals of the tentative taxable value
Michigan Constitution

12. A platted subdivision is described by _
Replacement cost
exempt
State Tax Commission
lots and blocks

13. In July and December - the BOR may meet to _
Cost Approach
taxation - eminent domain - and police powers
General Property Tax Act
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR

14. The difference between commercial and industrial property is _
Industrial Facility Tax Abatement
track land sales
exempted
taxation - eminent domain - and police powers

15. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
value in exchange
county multipliers
are not
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

16. The rights of ownership removed by government are _
Michigan General Property Tax Act
power to tax - eminent domain - police power - escheat
County multipliers
median

17. _ 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
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
tangible or intangible
property record cards and assessment maps
taxation - eminent domain - and police powers

18. The first meeting of the BOR is held on the _
Income / rate
direct sales comparison
Tuesday following; first Monday in March
exempted

19. Churches - schools - libraries and similar institutions are usually...
exterior
February 20
income approach
exempt

20. Michigan Tax Tribunal Appeals of special assessments are first appealed to the _ or _ and then to the _
Township Board; City Council
beginning value the following year
Rectangular survey; metes and bounds; platted or recorded subdivision
exterior

21. Buildings on leased lands _ personal property
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
are
3/4 Proposal
Industrial Facility Tax Abatement

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
50%; usual selling price
Divide the sales price by the gross rent
Summation Method- Bank of Investment Method - and Market Comparison Method
Form L-4154

23. The _ determines the size for rates
July and December BOR
direct sales comparison
ground floor area
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

24. 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
to hear appeals of the tentative taxable value
taxes
sales comparison
income / value

25. If a business fails to file a personal property statement - the assessor shall _
true cash value
Form L-4023
estimate the assessment
value in exchange

26. 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 _
50%; usual selling price
40
assessor and Board of Review
taxes

27. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
income
real property
Divide the sales price by the gross rent
the property owner or lessee - or the local government may begin the process of its own volition

28. True cash value is _
1 rod
General Property Tax Act
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
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

29. The most common types of ownership are _
fee simple - partial estate - and life estate
Economic condition factor
replacement cost new; depreciation
County Board of Commissioners

30. The market rent times the number of units availabe to rent is _
potential gross income
desirability
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
is

31. All meetings of the BOR are governed by the _
General Land Office survey
Open Meetings Act
income / value
Rectangular survey; metes and bounds; platted or recorded subdivision

32. There are _ in a geographical township
36 sections
potential gross income
county multipliers
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

33. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
agricultural personal property; exempt
General Land Office survey
Form L-4022
county multipliers

34. 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 _
640 acres
typical farm buildings
$421 -052
income

35. Potential income minus vacancy - bad debt - and operating expenses is the _
first Monday in June
net income
lots and blocks
5 -280 lineal feet

36. Equity at the local level is the responsibility of the _
3/4 Proposal
depreciation
are not
assessor and Board of Review

37. The formula for calculating tax bills is _
State Tax Commission
Taxable Value x Millage Rate = Tax Bill
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
Form L-4046

38. _ is used to adjust the cosst approach to market value for residential properties
replacement cost
$1 per acre
Economic condition factor
The Land Residual

39. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
February 20
Divide the sales price by the gross rent
Board of Review; Michigan Tax Tribunal
Form L-4023

40. It (is not necessary to use __________ when valuing agricultural property.
value in exchange
Circle computation of area
county multipliers
beginning value the following year

41. Two types of maps that are used in valuing agricultural land are _ maps and _ maps
demand one
Form L-4054
soil survey; land value
hear appeals from taxpayers or their agents

42. In a township - the _ is the secretary of the Board of Review
43 -560 square feet
supervisor
beginning value the following year
market comparison approach; cost approach

43. IFT certificates are granted for _ years with a possible 2-year construction period
Form L-4046
12
transferability
taxes

44. The return on the investment called in the capitalization rate is _
Interest or discount
Circle computation of area
State Tax Commission
Board of Review; Michigan Tax Tribunal

45. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
Tuesday following Third Monday
economic obsolescense
expenses allowable
October 31

46. Notices of the decisions of the BOR must be mailed by the _
Circle computation of area
Form L-4023
first Monday in June
Divide the sales price by the gross rent

47. _ is a loss in value caused by factors outside the property
Rectangular survey; metes and bounds; platted or recorded subdivision
Open Meetings Act
is
economic obsolescense

48. _ soil is considered the most productive
Number 1
1 rod
State Tax Commission
July; July Board of Review

49. Cost to construct improvement with the same functional utility of the subject
replacement cost
36 sections
desirability
GRM X MARKET RENT = MARKET VALUE

50. Vacant land adjustments have to be made for differences in _
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
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
uniform rates
ground floor area