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. _ soil is considered the most productive
Number 1
exempt
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
expenses allowable

2. Special assessments are not levied on all real and personal property that...
benefits from the special assessment
May 1
transferability
rate x value

3. _ do not include property taxes - depreciation - debt retirement - or interest earned on the funds invested in the property
July and December BOR
operating expenses
exempt
cost

4. Equity at the local level is the responsibility of the _
cost - sales comparison (market) - and income
local government unit
electors
assessor and Board of Review

5. There are _ in a section
640 acres
beginning value the following year
July; July Board of Review
February 20

6. The first meeting of the BOR is held on the _
a plus adjustemnt for the fireplace to the comp
Tuesday following; first Monday in March
income approach
potential income; vacancy - bad debt and operating expenses

7. 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
Federal Northwest
sales comparison approach
benefits from the special assessment

8. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April
contract rent
Rectangular survey; metes and bounds; platted or recorded subdivision
demand one
Form L-4024

9. Notice of special assessment public hearings must be given to _
General Property Tax Act
owners and interested parties of the property to be assessed
transferability
real and personal

10. Deadline for filing Principal Residence Affidavits
May 1
market value; existing property
by contacting one of the parties to the transaction (buyer - seller - or realtor)
median

11. _ measures value in exchange; it is based on the principle of substitution
Michigan Constitution
net income
taxes
direct sales comparison

12. The formula for calculating value is _
Income / rate
50%; usual selling price
expenses not allowable
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

13. March Board of Review begins
Rectangular computation of area
Form L-4046
Tuesday following First Monday
directly benefit

14. If a property owner has an agricultural use on 1/2 their property - they may designate a specific number of wooded acres as _
taxes
Private Forest Reserve
never depreciated
640 acres

15. The estimated potential gross income less allowances for vacancy and rent loss plus other income or miscellaneous income is _
Economic condition factor
effective gross income
rate x value
present worth

16. Notices of the decisions of the BOR must be mailed by the _
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
first Monday in June
transferability
direct sales comparison

17. Personal property may be _
beginning value the following year
sewers - paving - curbing - sidewalks - grading and widening streets - parks - bridges - and water and sewer lines
tangible or intangible
Open Meetings Act

18. In a township - the _ is the secretary of the Board of Review
cost - sales comparison (market) - and income
supervisor
county multipliers
is

19. The most common types of ownership are _
Form L-4023
fee simple - partial estate - and life estate
never depreciated
supervisor

20. The formula for calculating tax bills is _
Board of Review; Michigan Tax Tribunal
Taxable Value x Millage Rate = Tax Bill
to hear appeals of the tentative taxable value
benefits from the special assessment

21. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
Form L-4022
Tuesday following; first Monday in March
Interest or discount
October 31

22. A consumer must be able to purchasee the property
# of acres times 43 -560 divided by known dimension
transferability
May 1
branches

23. The CAMA system should be able to calculate the valuation of properties by direct capitalization in the _ approach
soil survey; land value
income
February 20
$421 -052

24. The _ determines the size for rates
General Land Office survey
5 -280 lineal feet
ground floor area
Headlee Amendment

25. Pole barns - silos - and large grain bins are considered _
sales prices of other parcels similar to the property being appraised
typical farm buildings
3/4 Proposal
5 -280 lineal feet

26. Radius squared times Pi (3.1416)
Circle computation of area
partial estate
percent good
36 sections

27. Computer assisted mass appraisal
CAMA
General Land Office survey
March BOR
desirability

28. Equity within the county is the responsibility of the _
# of acres times 43 -560 divided by known dimension
never the land
physical - functional - and economic
County Board of Commissioners

29. The market rent times the number of units availabe to rent is _
Township Board; City Council
Form L-4260
Michigan Constitution
potential gross income

30. Formula used to calculate taxes is _
Taxable Value X Millage Rate
36 sections
are
adverse possession

31. The three approaches to value
cost - sales comparison (market) - and income
typical farm buildings
beginning value the following year
Reproduction cost

32. If a business fails to file a personal property statement - the assessor shall _
rate x value
life estate
estimate the assessment
Form L-4025

33. The Tuesday following the third Monday in _ is the _ meeting.
July; July Board of Review
specific tax
is
Michigan Constitution

34. Sections in a township start _
5 -280 lineal feet
replacement cost
Tuesday following First Monday
northeast corner with section 1 and proceed west to section 6

35. 1 acre =
supervisor
640 acres
northeast corner with section 1 and proceed west to section 6
43 -560 square feet

36. Inventory (is/is not) exempt
adverse possession
to hear appeals of the tentative taxable value
is
Michigan Constitution

37. The formula for calculating rate is _
income / value
expenses allowable
never the land
Replacement cost

38. - restrictions (zoneing - etc.) - and improvements on the site When valuing property - the assessor should consider _
Interest or discount
electors
Site/location
market value; existing property

39. Churches - schools - libraries and similar institutions are usually...
exempt
Form L-4154
receives and reviews
March BOR

40. The income approach calculates the _ of a future income stream
assessor and Board of Review
$1 per acre
present worth
Form L-4054

41. The value property has in a specific use
ground floor area
value in use
utility - scarcity - desirability - transferability
Form L-4154

42. The four basic steps in the sales comparison approach is _
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
lots and blocks
cost
are not

43. _ is a loss of utility and therefore of value from any cause
market value; existing property
depreciation
transferability
Tuesday following; first Monday in March

44. All meetings of the BOR are governed by the _
fee simple - partial estate - and life estate
potential income; vacancy - bad debt and operating expenses
Open Meetings Act
Site/location

45. Unknown dimension formula
State Tax Commission
# of acres times 43 -560 divided by known dimension
taxes
gross rent multipliers

46. When appraising a commercial building - you should remember that unlike building - land is...
never depreciated
partial estate
Form L-4260
expenses allowable

47. Effective gross income is the estimated _ less _ for _ and _ plus other _ or _
Tuesday following Third Monday
5 -280 lineal feet
sales prices of other parcels similar to the property being appraised
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income

48. Analysis for Equalized Valuation prepared by the county equalization department; submitted to the STC by the third Monday in April
Form L-4023
utility - scarcity - desirability - transferability
economic obsolescense
expenses allowable

49. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
Headlee Amendment
median
by contacting one of the parties to the transaction (buyer - seller - or realtor)
5 -280 lineal feet

50. Potential income minus vacancy - bad debt - and operating expenses is the _
adverse possession
County Board of Commissioners
cost approach
net income