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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. There are _ in a geographical township
rate x value
sales comparison
36 sections
ground floor area

2. The government is authorized to levy taxes in the _
Form L-4025
Michigan Constitution
value in use
exempt

3. Proposal A had the immediate result of _ property taxes in the state
county multipliers
reducing
Board of Review; Michigan Tax Tribunal
uniform rates

4. CAMA system should estimate replacement cost new less depreciation in the _ approach
true cash value
are not
Front foot
cost

5. Applications for IFT districts must be received by the State Tax Commission by _ to be acted on for the following year
Private Forest Reserve
October 31
assessor and Board of Review
Michigan Constitution

6. IFT's affect only the building value...
Taxable Value x Millage Rate = Tax Bill
replacement cost new; depreciation
never the land
Tuesday following First Monday

7. Formula used to calculate taxes is _
Taxable Value X Millage Rate
median
Income / rate
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

8. A consumer must want the product for it to have value
by contacting one of the parties to the transaction (buyer - seller - or realtor)
Summation Method- Bank of Investment Method - and Market Comparison Method
cost - sales comparison (market) - and income
desirability

9. Assessor Affidavit Regarding 'Uncapping' of Taxable Value; used when it is discovered that a property value should have been uncapped but wasn't
Form L-4022
Industrial Facility Tax Abatement
value in exchange
Form L-4054

10. Depreciation in the assessing process is expressed as a _
beginning value the following year
1 rod
taxation - eminent domain - and police powers
percent good

11. Equity at the local level is the responsibility of the _
Township Board; City Council
Number 1
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
assessor and Board of Review

12. Economic condition factors (are/are not) applied to land and buildings
desirability
cost approach
supervisor
are not

13. _ 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
never depreciated
CAMA
at value

14. To calculate a gross rent multiplier - _
Divide the sales price by the gross rent
replacement cost
Economic condition factor
Headlee Amendment

15. _ includes the discount rate - recapture rate - and the effective rate.
Township Board; City Council
Capitalizaiton rate
exempted
exterior

16. Michigan's Constitution provides for _ of taxation
Tuesday following the second
uniform rates
50%; usual selling price
potential gross income

17. Capped value is _

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18. Michigan's Constitution uses _ to determine assessments
are not
discount rate - recapture rate - effective tax rate
true cash value
owners and interested parties of the property to be assessed

19. Potential income minus vacancy - bad debt - and operating expenses is the _
lots and blocks
net income
Summation Method- Bank of Investment Method - and Market Comparison Method
the property owner or lessee - or the local government may begin the process of its own volition

20. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
General Property Tax Act
The Land Residual
contract rent
Michigan Constitution

21. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April
Form L-4024
correct clerical errors and mutual mistakes of fact; they may also hear poverty appeals that were not heard at the March BOR
contract rent
first Monday in June

22. Personal property statements (are/are not) available to the public under the Freedom of Information Act.
are not
General Land Office survey
income approach
rate x value

23. The formula for calculating rate is _
discount rate - recapture rate - effective tax rate
never the land
real estate
income / value

24. Initial survey point for Michigan at the intersection of two streets
12
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
Genesee County
$1 per acre

25. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
agricultural personal property; exempt
Rectangular survey; metes and bounds; platted or recorded subdivision
potential gross income
operating expenses

26. The rights of ownership (bundle of rights) enjoyed by the owner of real estate
real property
Michigan General Property Tax Act
life estate
cost - sales comparison (market) - and income

27. In a cost approach program - the computer system should estimate _ less _
replacement cost new; depreciation
Replacement cost
exempt
specific tax

28. The market rent times the number of units availabe to rent is _
true cash value
ground floor area
exempt
potential gross income

29. March Board of Review begins
Tuesday following First Monday
exempted
market rent
by contacting one of the parties to the transaction (buyer - seller - or realtor)

30. In a township - the _ is the secretary of the Board of Review
December 31
typical farm buildings
exempted
supervisor

31. Approved by voters in 1978
Plant Rehabilitation and Industrial Development Districts - Act 198 of 1974
Headlee Amendment
cost - sales comparison (market) - and income
Genesee County

32. Property Transfer Affidavit; must be filed by purchaser within 45 days of transfer
real and personal
Form L-4260
income / value
demand one

33. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
Michigan Constitution
present worth
beginning value the following year
Cost Approach

34. Deadline for filing personal property statements
are
February 20
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

35. The value property has in a specific use
value in use
cost - sales comparison (market) - and income
by contacting one of the parties to the transaction (buyer - seller - or realtor)
is

36. Pole barns - silos - and large grain bins are considered _
Interest or discount
Income / rate
fee simple
typical farm buildings

37. The most common types of ownership are _
fee simple - partial estate - and life estate
Capitalizaiton rate
operating expenses
soil survey; land value

38. _ is used to adjust the cosst approach to market value for residential properties
by contacting one of the parties to the transaction (buyer - seller - or realtor)
640 acres
Economic condition factor
Tuesday following Third Monday

39. The definition of the economic principle of highest and best use is _
property record cards and assessment maps
operating expenses
owners and interested parties of the property to be assessed
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

40. The definition of market value is _
never depreciated
replacement cost new; depreciation
Circle computation of area
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

41. The difference between commercial and industrial property is _
expenses allowable
Triangle computation of area
Industrial Facility Tax Abatement
Open Meetings Act

42. 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 _
present worth
50%; usual selling price
estimate the assessment
Form L-4023

43. The usual reference source regarding assessment and taxes
Tuesday following Third Monday
General Property Tax Act
are
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

44. One use of land value maps is to _
are
track land sales
February 20
Board of Review; Michigan Tax Tribunal

45. May change assessment for current year
expenses not allowable
Rectangular computation of area
March BOR
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

46. The return on the investment called in the capitalization rate is _
real and personal
$1 per acre
the property owner or lessee - or the local government may begin the process of its own volition
Interest or discount

47. Market value of property is _
cost
are
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. 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?
a plus adjustemnt for the fireplace to the comp
taxes
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
# of acres times 43 -560 divided by known dimension

49. Taxable unless specifically exempted
cost
Tuesday following First Monday
real and personal
Site/location

50. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
Capitalizaiton rate
value in exchange
county multipliers
determining the primary use of the property; in this case probably agricultural or residential