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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 rights of ownership (bundle of rights) enjoyed by the owner of real estate
rate x value
Private Forest Reserve
ground floor area
real property

2. The usual reference source regarding assessment and taxes
Industrial Facility Tax Abatement
sales prices of other parcels similar to the property being appraised
at value
General Property Tax Act

3. Tax day
36 sections
General Land Office survey
the property owner or lessee - or the local government may begin the process of its own volition
December 31

4. In a residential neighborhood - the measurement usually used in developing cost is _
Front foot
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
hear appeals from taxpayers or their agents
estimate the assessment

5. _ 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
beginning value the following year
first Monday in June
fee simple

6. The _ to value is best used for mass appraisals being done by the assessor.
market rent
true cash value
median
Cost Approach

7. 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
never the land
the property owner or lessee - or the local government may begin the process of its own volition
May 1

8. The formula for calculating income is _
assessor and Board of Review
rate x value
branches
median

9. Initial survey point for Michigan at the intersection of two streets
discount rate - recapture rate - effective tax rate
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
Genesee County
$421 -052

10. Economic condition factors (are/are not) applied to land and buildings
$421 -052
at value
are not
median

11. Notice of special assessment public hearings must be given to _
owners and interested parties of the property to be assessed
3/4 Proposal
Michigan Constitution
reducing

12. 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 _
Private Forest Reserve
not standard depth
50%; usual selling price
local government unit

13. Enacted in 1893
not standard depth
Michigan General Property Tax Act
State Tax Commission
net income

14. 1 mile =
adverse possession
Cost Approach
5 -280 lineal feet
36 sections

15. _ are expenses that may be part of the capitalization rate such as depreciation and property taxes or capital improvement expenses and the owner's costs and corporation costs; also not income taxes.
exempt
50%; usual selling price
expenses not allowable
Summation Method- Bank of Investment Method - and Market Comparison Method

16. A private claim describes property that was occupied prior to the _
cost approach
Michigan Constitution
General Land Office survey
agricultural personal property; exempt

17. The _ must approve the application for an IFT before the State Tax Commission approves the application
local government unit
present worth
640 acres
reducing

18. The three principal steps in the cost approach are _
to hear appeals of the tentative taxable value
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
beginning value the following year
utility - scarcity - desirability - transferability

19. If there is a 40-acre parcel and all but the land surrounding the house is wooded - this property should be classified by _
determining the primary use of the property; in this case probably agricultural or residential
at value
the property owner or lessee - or the local government may begin the process of its own volition
43 -560 square feet

20. Methods used to describe property in Michigan
Rectangular survey; metes and bounds; platted or recorded subdivision
5 -280 lineal feet
partial estate
direct sales comparison

21. _ are used to value income-producing residential property
gross rent multipliers
3/4 Proposal
$421 -052
5 -280 lineal feet

22. Movable irrigation systems including pumps not an integral part of a well are _ and are _
rate x value
Open Meetings Act
agricultural personal property; exempt
Tuesday following First Monday

23. Potential income minus vacancy - bad debt - and operating expenses is the _
expenses not allowable
electors
net income
Board of Review; Michigan Tax Tribunal

24. A report of Real and Personal Property totals prepared by the county equalization department; submitted to STC by the third Monday in April
the prior year's taxable value minus losses times the lesser of 105% or the CPI (whichever is less) plus additions
Form L-4024
by contacting one of the parties to the transaction (buyer - seller - or realtor)
expenses not allowable

25. The value of vacant land is estimated using _
12
expenses not allowable
October 31
sales prices of other parcels similar to the property being appraised

26. The capitalization rate includes the _ - _ and the _
discount rate - recapture rate - effective tax rate
County multipliers
to hear appeals of the tentative taxable value
GRM X MARKET RENT = MARKET VALUE

27. The General Property Tax Law states that agricultural operations means farming in all its _
by contacting one of the parties to the transaction (buyer - seller - or realtor)
real and personal
branches
potential gross income

28. The Private Forest Reserve Act specifies that the property in the reserve be assessed on the ad valorem at _
$1 per acre
depreciation
agricultural personal property; exempt
sales comparison approach

29. There are _ in a geographical township
track land sales
36 sections
potential gross income; allowances; vacancy; rent loss; income; miscellaneous income
partial estate

30. The second meeting of the BOR is held to _
hear appeals from taxpayers or their agents
real property
lots and blocks
directly benefit

31. Special assessments must _ the properties in the district
Michigan Constitution
to hear appeals of the tentative taxable value
Genesee County
directly benefit

32. The Tuesday following the third Monday in _ is the _ meeting.
market rent
July; July Board of Review
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
true cash value

33. Used to estimate the cost of constructing improvements to the land
demand one
1 rod
cost approach
market value; existing property

34. A consumer must want the product for it to have value
desirability
$421 -052
demand one
exempted

35. Michigan's Constitution provides for _ of taxation
select sales of comparable properties - list the sales - adjust the sales to the subject - and correlate and justify the value of the subject property
physical - functional - and economic
are
uniform rates

36. May change assessment for current year
not standard depth
March BOR
General Property Tax Act
receives and reviews

37. When appraising a commercial building - you should remember that unlike building - land is...
location - time of sale - finanical terms of sale - physical differences - and restrictions of use
never depreciated
market rent
640 acres

38. - The Building Residual - and the Direct Capitalization Capitalization techniques include the following:
Form L-4023
Form L-4054
May 1
The Land Residual

39. The Commercial Forest Act permits an owner to put property into a program that permits payment of a _ in lieu of the ad valorem rates
specific tax
life estate
beginning value the following year
income

40. Report of Assessment Roll Changes and Classification; includes assessed values of all eleven classes of property
$421 -052
discount rate - recapture rate - effective tax rate
Form L-4022
Industrial Facility Tax Abatement

41. Value is determined by _
benefits from the special assessment
expenses allowable
are not
utility - scarcity - desirability - transferability

42. March Board of Review begins
State Tax Commission
exempted
Tuesday following First Monday
Front foot

43. Half the base times the height
Triangle computation of area
General Property Tax Act
adverse possession
county multipliers

44. A report of Real and Personal Property Taxable Valuations prepared by county equalization; submitted to STC by fourth Monday in April
Form L-4046
May 1
cost approach
benefits from the special assessment

45. The middle of a ratio study where the ratios are ranked from lowest to highest or highest to lowest
exempted
never depreciated
electors
median

46. Sections in a township start _
lots and blocks
electors
assessor and Board of Review
northeast corner with section 1 and proceed west to section 6

47. The rights of ownership removed by government are _
Tuesday following Third Monday
power to tax - eminent domain - police power - escheat
market rent
$421 -052

48. If the Board of Review or Michigan Tax Tribunal changes the assessed - equalized - or taxable value - that value is used as the _
income / value
tangible or intangible
beginning value the following year
sales comparison approach

49. The three approaches to value
# of acres times 43 -560 divided by known dimension
Michigan Constitution
cost - sales comparison (market) - and income
real property

50. Vacant land adjustments have to be made for differences in _
partial estate
The Land Residual
income / value
location - time of sale - finanical terms of sale - physical differences - and restrictions of use